Philippines share prices gained 1.18 percent to reach a new record close on Friday, thanks to the rally on Wall Street where economic data indicated inflation was being kept in check, dealers said. The composite index climbed 42.67 points to 3,671.29. Trading hit a record high of 3,693.67 with a low of 3,628.62 points.
The broader all-share index rose 20.58 points or 0.89 percent to 2,324.79 Gainers outnumbered losers 67 to 49, while 59 stocks ended flat on volume of 7.3 billion shares worth 19.6 billion pesos (420.68 million dollars). The local currency traded at 46.591 to the dollar. "The euphoria in overseas markets infected the local market," said Astro del Castillo of First Grade Holdings Inc, said.
"It would be hard to stop the bulls given the strong comeback of global equity markets." With domestic trading cues scarce, investors "found their lead in the international arena. The regional markets were bouncing back after Wall Street stretched its gains," said Ron Rodrigo of Unicapital Securities.
Rommel Macapagal of Westlink Global Equities, said that besides foreign funds, "local punters are also stepping in to add excitement to the market." A key market mover was San Miguel Corp, transactions in which comprised about two-thirds of the day's turnover.
San Miguel A-shares added 50 centavos to close at 67 pesos while its B-shares gained one peso to 73.50. Philippine Long Distance Telephone Co was up five at 2,705 while conglomerate Ayala Corp rose 35 to 580.
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