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Stocks post small gains as market stays cautious


MANILA, Philippines - Share prices on Monday slightly closed higher even as investors remained cautious while waiting for the final approval of a US government plan to buy bad debts from troubled financial institutions, analysts said. The 30-company Philippine Stock Exchange index rose 10.35 points or 0.3985 percent to 2,607.58 while the all-share index climbed 12.09 points or 0.7389 percent to 1,648.30. Gainers led losers 44 to 33 while 55 stocks were unchanged. Volume traded reached 1.47 billion valued at P1.678 billion. Jonathan Ravelas, Banco de Oro chief market strategist, said the market is on a "wait and see attitude". "There was a little bit of profit-taking and the market is awaiting the US government's approval of the $700-billion bailout plan," he said. Reports said US Congressional leaders have approved the package but insisted on stringent rules in spending the allocation. Ravelas also added that players were also awaiting for early indications of the third-quarter earnings of companies. Telecommunications giant Philippine Long Distance Telephone Co. dipped P15 or 0.5556 percent to P2,685. Geothermal power producer PNOC-Energy Development Corp. leaped P0.10 0r 2.381 percent to P4.30. San Miguel Brewery Inc., the beer unit of food and beverage conglomerate San Miguel Corp., surged P0.75 or 6.8182 percent to P11.75. Ayala-led lender Bank of the Philippine Islands soared P1 or 2.2222 percent to P46. Metropolitan Bank & Trust Co., the country's largest lender in terms of assets, was steady at P33. - GMANews.TV