Philippines share prices rose 0.9 percent to hit a near seven-year high Friday as investors took positions in the major companies expected to report strong first quarter earnings, dealers said.
The release of better-than-expected budget deficit figures for the same period also lifted sentiment, they said. The composite index ended at the day's high, up 20.21 points at 2,262.97 after touching a low of 2,227.65. This was the best finish since August 24, 1999 when it ended at 2,265.31. Volume was 4.79 billion shares worth 1.87 billion pesos (36.23 million dollars).
The broader all-shares index advanced 11.68 points to 1,394.49. Gainers led losers 51 to 45, with 54 stocks unchanged. Philippine Long Distance Telephone led the rally, ending at a record high of 2,000 pesos, up 45 pesos or 2.30 percent.
Top-traded Ayala Land gained 25 centavos at 11.75 pesos while its parent, Ayala Corp, was up 2.50 pesos at 370.
Banco de Oro was up 50 centavos at 35 pesos while its parent, SM Investments, gained seven pesos at 233. San Miguel A-shares ended steady at 60 pesos while San Miguel B-shares were up 50 centavos at 82 pesos.
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