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MANILA, Philippines (AP) -- Philippine shares surged Wednesday after a two-day slide as investors welcomed a guilty verdict in deposed President Joseph Estrada's plunder trial. The 30-company Philippine Stock Exchange Index gained 39.63 points, or 1.2 percent, at 3,307.60, after losing 1.6 percent in the last two sessions. Traders said they expected the market to succumb to profit-taking as investors remained cautious on whether the Estrada verdict will cause his supporters to take to the streets. RCBC Securities research manager Chelsea Dipasupil said the markets welcomed the court ruling as "a major prosecution on corruption." "Next question is, how will the public, more particularly his supporters, receive the verdict?" he said. Philippine Long Distance Telephone Co. inched up 0.4 percent to 2,680 pesos, conglomerate Ayala Corp. rose 3.2 percent at 485 pesos, while Manila Electric Co. jumped 4 percent to 78.50 pesos. Gainers outnumbered decliners 94 to 18, while 43 stocks were unchanged.
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