STOCKS HIGHER, VOLUME THIN
Manila, Jan. 4, 1998 - Philippine stocks closed higher although volume was very small yesterday, with investors positioning for blue chips.
The main index gained 22.04 points, or 1.18 percent, at 1,891.27. But trading was light, with only P638 million worth of shares changing hands.
Most investment executives were still on an extended holiday and could be waiting for "regular" working conditions on Monday, traders said.
Investors bought PLDT which ended P20 higher at P900, due mainly to the prospects of higher peso income from falling peso-dollar rates.
Other gainers were Meralco B, Ayala Corp and Metrobank.
Reported by: Sol Jose Vanzi
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