Philippines share prices closed 1.81 percent higher on Wednesday as investors chased blue chips for a fourth consecutive session on the back of the country's improving economic and fiscal outlook, dealers said. Dealers said investors have been pushing share prices higher after Fitch Ratings last week upgraded its outlook on the country's credit ratings and the government's forecast the economy would grow strongly in the second half.
The Philippine Stock Exchange composite index added 34.93 points to 1,964.31. It traded between 1,929.38 and 1,966.21. Turnover reached 1.27 billion shares worth 1.37 billion pesos (25.1 million dollars).
The broader all-shares index gained 16.03 points to 1,190.57.
Gainers beat losers 67 to 17, while 52 stocks ended unchanged.
"The market's rise was a continuation of gains we had in the previous days, primarily anchored on the recent Fitch upgrade," said Oliver Plana of Asiasec Equities.
Gross domestic product grew 4.6 percent in the three months to March, slower than the 5.4 percent expansion in the fourth quarter of 2004 as farm output fell.
The government, however, left its full-year growth target at 5.3-6.3 percent, hoping the agriculture sector which accounts for about a fifth of the domestic economy, will rebound during the next six months. Philippine Long Distance Telephone rose 65 pesos to 1,545.
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