Thursday, October 18, 2007
Shares climb 0.3 percent, led by mining stocks (5:08 p.m.)
MANILA –- Philippine shares climbed Thursday after two days of losses, propelled by gains in mining stocks although worries remained over record high oil prices.
The 30-company Philippine Stock Exchange Index rose 11.08 points, or 0.3 percent, to 3,771.12, snapping a two-day, 2.6-percent fall.
"Investors are cautious and the market is unsure where to go," said Westlink Global Equities Chairman Rommel Macapagal, referring to worries over the impact of rising oil prices on economic growth.
"There was selective buying that pushed the main index slightly higher, but that is part of the market's sideways movement," he said.
Philex Mining Corp. was the main gainer, surging 4.4 percent to P9.40 on higher metal prices.
Property developer Megaworld Corp. advanced 2.4 percent to P4.25 after reporting its net profit this year will likely soar 45 percent from 2006 due to strong sales and rental earnings.
Decliners outnumbered gainers 63 to 49, while 51 stocks were unchanged. (AP)
|
