Philippines shares rally

Philippines share prices closed 0.37 percent higher on Thursday, extending gains as fund managers polished their portfolios ahead of the end of the first quarter of the year, dealers said. Recent positive economic data and earnings reports also continued to bolster the market which has risen over six of the past seven sessions, the dealers added.
The Philippine Stock Exchange composite index rose 8.08 points to 2,192.78 for the best finish since August 30, 1999 when it ended at 2,201.24.
Earlier, the index moved between 2,184.13 and 2,198.01.
The all-shares index was down 1.92 points at 1,054.13.
Volume stood at 1.01 billion shares worth 1.3 billion pesos (42.87 million dollars). Gainers outnumbered losers 75 to 21, while 48 stocks were unchanged.
The Philippine peso traded at 51.155 to the US dollar as of mid-day.
"It's quarter-end. Everybody is now trying to make their portfolios look handsome (with window dressing)," said James Lago of Westlink Global Equities Inc, adding that foreign buying has been strong in recent sessions.
Macquarie Securities Inc analyst Gilbert Lopez said recent positive economic data such as the government's better-than-expected budget deficit and strong remittances from the thousands of Filipino workers overseas have been pivotal to the market's upward drive.
"Our recommendation would be to go for companies that are seen benefiting most from the likely end-result of all these developments like lower interest rates and improving consumption," Lopez said.
Ayala Corp, the country's largest conglomerate, was the benchmark index's main mover, ending up 7.50 pesos at 360 pesos.
Its units Bank of the Philippine Islands (BPI) and Ayala Land Inc however succumbed to profit-taking with top-traded BPI falling 50 centavos to 62.50 pesos while Ayala Land was down 25 centavos at 10.75 pesos.
San Miguel Corp A shares, limited to local investors, ended unchanged at 60.50 pesos but San Miguel B-shares open to both local and foreign investors, gained 50 centavos to 81.50 pesos.