Philippines share prices rose sharply on Monday, extending gains with a jump of 4.81 percent on strong foreign investor support ahead of the release of first-quarter results of major companies, dealers said.
They said sentiment was very positive on the back of an improving fiscal position while political tensions had eased of late, allowing investors to focus more fully on the market.
At the same time, foreign investor interest has become more pronounced as offshore names trawl through the region for any laggards among some of the best performing markets in the world over the past couple of years.
The composite index put on 118.93 points to 2,589.17 for the biggest single-day gain since January 22, 2001, when it put on 255.13 points or 17.56 percent. On Friday, the market had risen 4.22 percent. The high was 2,602.46 points.
Volume was heavy at 3.42 billion shares worth 5.3 billion pesos (103.08 million dollars).
The broader all-shares index ended 58.48 points higher at 1,575.20.
Gains led losers 69 to 38, with 52 stocks unchanged.
The peso was at 51.414 to the dollar as of mid-day.
"The long-term outlook for the market has never been rosier," BPI Securities said in an advisory to clients.
"For this week, we're expecting the market to continue to move up but we cannot discount the fact that there should be healthy correction along the way after last week's 200-point rise and today's extended gains," said Mark Alan Canizares of Citiseconline.
Philippine Long Distance Telephone closed at a record high, up 130 pesos at 2,255, a day before its three months to March results.
Ayala Corp rose 42.50 pesos to 472.50 while unit Bank of the Philippine Islands added pesos to 71.50. Ayala unit Globe Telecom, which reports its first quarter results later Monday, was up 45 pesos at 1,030. San Miguel saw its A and B shares remain unchanged at 64.50 and 84 pesos respectively.
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