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Philippine share prices rise 3.64 per cent on easing oil prices

Sahil Nagpal 6 August 2008

Manila Philippine Stock Markets - Philippine share prices soared 3.64 per cent on Wednesday as investors cheered sliding oil prices and Wall Street's overnight gains.

The 30-share composite index of the Philippine Stock Exchange added 94.83 points to close at 2,697.21, from Tuesday's finish of 2,602.38.

A total of 4.53 billion shares worth 3.66 billion pesos (83.56 million dollars) were traded.

Advancers led decliners 107 to 21, while 39 issues were unchanged.

Traders said investors snapped up bargain stocks as crude prices dropped below 120 US dollars a barrel and the Dow Jones industrial average rose nearly 3 per cent. (dpa)

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