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Share prices rose 0.2 percent yesterday on gains in select blue chips but as on Wednesday, slipped off record highs as investors decided to take profits in late trade, dealers said.
They said investors were in a buying spree after the Dow Jones industrials posted another record close overnight.
The composite index added 8.49 points to 3,417.69.
It had surged 1.2 percent during the day to 3,452.38, hitting a new all-time high for the second consecutive day. The close was just below the previous record of 3,447.60, set on
The broader all-share index rose 4.18 points to 2,182.37.
Decliners outnumbered advancers 53 to 44 with 62 stocks unchanged.
A total of 2.65 billion shares worth P3.85 billion changed hands.
“The main index flirted with the record high close of 3,447.60, but I think we need to see more inspiring developments to propel the market to new highs,” said Lawrence de Leon of Accord Capital Equities.
Top-traded SM Investments ended up P15 at P417.50.
Philippine Long Distance Telephone Co. (PLDT), retreated P20 to P2,525.
Ayala Corp. advanced P10 to P510, and unit
San Miguel A shares fell P5 to P75, while its B shares retreated P4 to P82.“An expansion in lending would be good for banks because that would mean more business for them,’’ said Tanya Cua, analyst at the
Alliance Global Group Inc., which owns part of McDonald’s Corp. in the Philippines, climbed for the first time in seven days after the company said first-quarter profit tripled.
Bank lending will continue to expand after accelerating for the first time in three months in March, when it increased 9.9 percent, because the central bank has effectively lowered its key interest rate, Deputy Governor Diwa Guinigundo said.
The central bank in November cut the rate it pays commercial banks for some overnight deposits to encourage lending to businesses and consumers, while holding its key rate steady. — AFP, Bloomberg
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