Philippines share prices closed 0.58 percent higher on Friday, extending gains through the key 2,000 points level as investors followed through on the blue chips, dealers said. The country's improving fiscal and economic outlook has continued to boost investors sentiment despite persistent political concerns centred on allegations of corruption and vote rigging against President Gloria Arroyo and her family.
The Philippine Stock Exchange composite index gained 11.57 points to 2,011.17 after trading between 1,999.60 and 2,020.80. Volume was 899 million shares worth 1.07 billion pesos (19.6 million dollars).
The broader all-shares index rose 6.83 points to 1,216.52. Gainers beat losers 43 to 22, while 46 stocks ended unchanged.
"Investors are going back to the fundamentals of the economy. Politics has taken a back seat," said Gomer Tan of Regina Capital Development Corp.
He said the brighter economic prospects as well as the government's gains in addressing the chronic budget deficit had boosted investor sentiment.
"Exports have recovered, unemployment is down and dollar remittances are up. All these point to an improvement in the economy," Tan added.
"Political concerns have largely been discounted by investors," said Mark Alan Canizares of Citiseconline.com.
He was referring to opposition charges that Arroyo cheated in presidential elections last year and that her family was involved in illegal gambling.
Arroyo in turn has accused the opposition of trying to sabotage the country's economic recovery for political gain.
SM Investments Corp was the most active stock, closing unchanged at 255 pesos.
Ayala Corp was the main mover, ending up 7.50 pesos at 360 pesos.
Philippine Long Distance Telephone Co was unchanged at 1,605 pesos while rival Globe Telecom rose five pesos to 825 pesos.
San Miguel Corp A shares, limited to local investors, were steady at 59.50 pesos while San Miguel Corp B shares, available to foreign investors, added one peso to 92.50 pesos.
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