Philippine shares rise 0.1%

  • Business
  • Thursday, 25 Oct 2007

MANILA (AP) - Philippine shares edged up Thursday in the absence of fresh leads, with investors awaiting third-quarter earnings results and the U.S. Federal Reserve's next move on interest rates. 

The 30-company Philippine Stock Exchange Index climbed 4.31 points, or 0.1 percent, to 3,767.78. 

The index rose 2.7 percent over the two previous sessions. 

"(The) market is a bit volatile with no strong bias. While the bigger picture is still an uptrend, in the short term, the market seems indecisive,'' said Jose Vistan, head of research at AB Capital Securities. 

Top traded conglomerate Ayala Corp. surged 2.6 percent to 600 pesos. 

Its unit, Bank of the Philippine Islands, rose 1.5 percent to 69 pesos after Credit Suisse said it expected the bank's third-quarter profit to climb 12 percent from a year ago. 

Ayala Land Inc. lost 1.5 percent to 16.25 pesos after police investigating an explosion at one of its shopping malls last Friday said it might have been an industrial accident.  

The blast killed 11 people and injured more than 100. 

Gainers outnumbered decliners 60 to 52, while 57 stocks were unchanged.

For Another perspective from the Philippine Daily Inquirer, a partner of Asia News Network, click here

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