Philippines stocks ended higher on Friday for a third day running as players pounced on blue chips such as power distributor Meralco and conglomerate Benpres after the market's recent decline.
Analysts said investors welcomed news that Benpres had bailed out from its water distributing unit, Maynilad, as part of a compromise with the government over unpaid concession fees.
Benpres - whose units include the country's largest media outfit, ABS-CBN Broadcasting Corp, and dominant power retailer Manila Electric Company (Meralco) -finished 9.8 percent higher at 56 centavos.
B shares of Meralco, those open to foreigners, finished 3.39 percent or one peso higher at 30.50 pesos.
Newspapers on Thursday quoted company officials as saying the firm returned to profit in 2003, after a two-billion peso loss a year earlier.
Meralco A shares, which are restricted to Filipinos, rose 1.32 percent or 25 centavos to 19.25 pesos. The company will announce its results on March 24.
"The market gains may extend further for a few more days but the lack of fresh positive developments in the coming week will keep it in consolidation," said RCBC Securities research head Chelsea Dipasupil.
The main index finished 2.77 points or 0.19 percent higher at 1,450.83 points. The market is up 0.59 percent so far this year.
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