PHL shares end 2010 higher on last-minute buying

(Updated 5:22 p.m.) Share prices on the Philippine Stock Exchange (PSE) closed slightly higher Thursday, the last trading day of the year, buoyed by last-minute buying in first-tier issues. The PSE index gained 1.83 points or 0.04 percent to finish at 4,201.14, according to the PSE’s online market information as of 12:10 p.m. More than 1.678 billion valued at P5.498 billion shares changed hands. Advancers outpaced decliners 82 to 56, while 45 issues remained unchanged. “The market ended a little higher when more investors took part in last-minute buying of blue chip issues," said trader Jasper Jimenez of Banco de Oro Securities Inc. Analysts were right to expect the market to close at 4,200 this year, according to the Banco de Oro trader. “We saw the rational exuberance in the market to close at the 4,200 level," he said, explaining why the turnover totaled more than P5.499 billion, albeit in last-minute buying. Investors are optimistic but cautious about 2011, expecting profits won’t be as spectacular as this year’s gains, according to AB Capital Securities Inc. The Philippine stock market will be closed starting Friday, Dec. 31. Trading will resume on Jan. 3, 2011, according to the PSE. — JE/VS, GMANews.TV