Philippines share prices closed 0.74 percent higher on Friday on follow-through buying after solid second quarter growth figures gave investor confidence a boost, dealers said. The economy grew 5.5 percent in the second quarter, underpinning expectations that the government would hit its growth targets for the year.
The Philippine Stock Exchange composite index added 17.21 points to 2,329.44 after trading between 2,310.32 and 2,332.23. Volume was 3.0 billion shares worth 3.14 billion pesos (61.86 million dollars.) The broader all-shares index rose 10.12 points to 1,455.93.
Gainers beat losers 75 to 25, with 58 stocks unchanged. The Philippine peso was at 50.759 to the dollar. "Investors continued to snap up shares, given the improving economic fundamentals. A strong peso is good news for companies with import requirements and dollar-denominated debt," said Gomer Tan of Regina Capital Development Corp. Philippine Long Distance Telephone Co, the most actively traded stock, was up 15 pesos at 1,925 pesos.
SM Investments Corp fell two pesos to 220 pesos and unit Banco de Oro dropped 50 centavos to 36.50 pesos on profit-taking, dealers said. The two stocks had rallied after SM Investments announced Tuesday that it was offering to buy all shares in Equitable PCI Bank that it does not already own and that it may merge the bank with another, possibly Banco de Oro. Equitable was unchanged at 79 pesos. Food and beverage giant San Miguel Corp's A-shares were steady at 65.50 pesos and its B-shares flat at 71 pesos.
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