Philippines share prices closed 1.38 percent higher Friday as sharp gains in the US and Japanese stock markets lifted investor sentiment locally, dealers said.
The Philippine Stock Exchange composite index rose 28.71 points to 2,114.89 after trading between 2,086.18 and 2,115.73. Volume was 1.35 billion shares worth 909 million pesos (16.74 million dollars.) The broader all-shares index advanced 13.79 points to 1,278.57. Gainers beat losers 50 to 27 and 59 stocks were flat. The Philippine peso traded at 54.278 as of mid-day. "The equity markets in the US and Japan are rising because of encouraging economic data," said Mark Alan Canizares of Citiseconline.com.
"A better economic picture for both countries should augur well for the Philippines since they are our major trading partners," he added. Philippine Long Distance Telephone was the most briskly traded stock, closing up 20 pesos at 1,755 pesos.
PLDT unit Pilipino Telephone Corp advanced five centavos to 3.50 pesos on hefty volume of 4.6 million shares.