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PHL share prices bounce back buoyed by rise in Wall Street


Buoyed by a resurgent Wall Street, Philippine share prices bounced on Wednesday, recovering from a huge slump the previous day. The bellwether 30-company Philippine Stock Exchange index climbed 41.82 points or 0.99 percent to 4,286.46 while the all shares rose 29.77 points or 1.00 percent to 3,001.49. Market breadth was positive with 78 gainers against 62 losers and 33 stocks that closed unchanged. Five of the six sectoral indices closed in the green, led by Services' 2.66-percent advance. Volume traded reached 3.37 billion shares valued at P4.79 billion. Prince Anthony Yeung of AB Capital said the upswing in Wall Street pushed the local bourse higher. Overnight Tuesday, the Dow advanced 128.21 points while Nasdaq gained 38.44 points. "Should US markets perform well tonight (Tuesday), then the PSEi can regain some of what it lost today," Yeung said in his market outlook. All five top traded stocks in the local market for the day posted gains. San Miguel Corp., the day's most active, jumped P3.20 or 2.89 percent to P114. Lepanto Consolidated Mining Co. added P0.01 or 1.12 percent at P0.90. Telecommunications giant Philippine Long Distance Telephone Co. soared P76 or 3.26 percent to P2,404. Alliance Global Group Inc., the holding firm of Andrew Tan, improved P0.18 or 1.71 percent at P10.68. Developer Megaworld Corp. rose P0.03 or 1.42 percent to P2.14. -- CMA/OMG, GMA News

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