Philippines share prices closed 1.61 percent higher on Friday, thanks to a rise in the US market following data showing the world's biggest economy had emerged from recession, dealers said. The composite index gained 46.17 points to 2,908.50 while the all-shares index grew 1.22 percent to 1,828.37. There were 106 gainers against 21 losers and 56 that were unchanged, while 2.442 billion shares worth 5.358 billion pesos (112.75 million dollars) were exchanged.
The local currency traded at 47.519 to the dollar. "It's more because of overseas sentiment," said Erwin Balita of SB Equities, explaining Friday's rise. The US Commerce Department announced Thursday that, after four negative quarters, the US economy grew at a seasonally adjusted 3.5-percent annual rate in the July-September period from the second quarter.
"That is a glimmer of hope for other economies as well if the US economy shows signs of growing," Balita told AFP. Top-traded Philex Mining Corp gained 6.98 percent to 11.50 pesos while Philippine Long Distance Telephone Co rose 1.17 percent to 2,595 pesos. Robinsons Land Corp rose 4.25 percent to 12.25 pesos while Ayala Land Inc was unchanged at 10.50 pesos.
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