Philippines share prices closed 0.85 percent higher on Friday, its best close in nine years amid renewed confidence in the economy, dealers said.
The composite index added 23.95 points to 2,842.54 after trading between 2,848.14 and 2,812.79. It was the index's best finish since June 20, 1997 when it settled at 2,881.73. The broader all-share index rose 16.20 points to 1,759.49. Gainers overwhelmed losers 86 to 26, while 55 stocks were unchanged with 3.6 billion shares traded worth 2.4 billion pesos (48.2 million dollars).
The local currency traded at 50.049 pesos to the dollar. "Investors are convinced that the market's uptrend is still very much intact. The corrections that we saw earlier this week are normal and, in the absence of negative leads, the uptrend should continue," said Mark Alan Canizares of CitisecOnline.com.
Top-traded Philippine Long Distance Telephone rose 30 pesos to 2,475, tracking the gains of its New York-listed American Depository Receipts. Megaworld extended its rally, gaining four centavos to settle at 2.26 pesos. San Miguel A and B shares closed flat at 65 and 73 pesos, respectively.
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