PHL shares rebound on window-dressing

Share prices on the Philippine Stock Exchange rose in moderate trading Tuesday, helped by window-dressing of company books for year-end accounting purposes. The market’s performance Tuesday reversed a three-day downtrend spurred by profit-taking on lack of market-moving news. The PSE index rose 32.65 points or 0.8 percent to close at 4,148.03. More than 1.014 billion shares valued at P4.904 billion changed hands in the two-hour-and-40-minute session. Winners led losers 78 to 49, with 38 issues unchanged. “Don’t expect much from this year-end window-dressing," said Harry Liu, president of Summit Securities Inc. Window-dressing is an accounting practice that makes a company’s balance sheet and income statement appear better. Liu expects the PSEi to trade within the 4,000-4,250 range for the rest of the year, saying “anything better than that will be for next year." He added: “That’s what the market is now anticipating for." — VS, GMANews.TV