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Philippine shares up 2.4 per cent

Sahil Nagpal 5 February 2009

Manila - Philippine share prices rose 2.4 per cent Thursday on positive news that inflation slowed and most Asian stock markets were up.

The 30-share composite index of the Philippine Stock Exchange gained 44.52 points to close at 1,892.07.

More than 777.77 million shares worth 1.71 billion pesos (36.38 million dollars) were traded.

Gainers led losers 56 to 22 while 43 issues were unchanged.

Traders said market sentiment was boosted by the government's announcement that inflation in January declined to 7.1 per cent from December's 8 per cent.

They added that investors were cheered by news that most Asian stock markets rose on optimism that China's government would take steps to help its economy weather the global slowdown. (dpa)

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