Index edges up 11 points in cautious trade
Share prices ended a two-day negative run yesterday, closing 0.3 percent higher in cautious trade as worries over record oil prices continued to weigh on sentiment, dealers said.
They said investors remain cautious on speculation that oil prices will continue to rise after the price of crude struck record levels earlier in the week. The
The composite index was up 11.08 points at 3,771.12 having moved in a narrow range between 3,753.09 and 3,776.83. A total of 3 billion shares worth P4.6 billion.
Decliners outpacing gainers 63 to 49 with 51 stocks unchanged.
The local currency traded at 44.10 to the dollar.
“Investors remain very cautious amid speculation that oil prices may continue to rise,” said Rommel Macapagal, chairman of Westlink Global Equities.
Oil prices eased to $87.28 a barrel in morning trade in
“The market is trading sideways, reflecting indecisiveness as investors digest the good and bad news,” said Gomer Tan at Regina Capital Development Corp.
Providing some relief to investors was the International Monetary Fund’s move to raise its 2007 growth projection for the Philippine economy to a level that is within
It said the Southeast Asian nation’s economic expansion has accelerated thanks to record remittances from overseas-based Filipinos, which boosted consumption and increased government spending.
The IMF sees a modest slowdown in the
It slashed its 2008 global growth forecast to 4.8 percent in the latest World Economic Outlook, from 5.2 percent, saying financial market strains could deepen and trigger a more pronounced global slowdown.
In other economic news, the government had a narrower-than-expected budget deficit of P14.5 billion in September. But analysts were not impressed.
“It is this issue of sustainability in our revenue generation that keeps the positive picture of the government’s fiscal health still clouded in doubt,” said Francisco Liboro of PCCI Securities. — AFP
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