Philippines share prices closed 1.33 percent higher on Wednesday as investors remained confident the country's economy will continue to grow this year after GDP hit 5.4 percent in 2006, dealers said.
They said gains were helped after the government announced shortly before the market opened that it was keeping its forecast of gross domestic product (GDP) growth of 6.1-6.7 percent for 2007.
The composite index rose 42.61 points to 3,239.27, the day's high, after hitting a low of 3,196.66. The broader all-share index rose 24.09 points to 2,012.55. Gainers led losers 66 to 54 with 54 unchanged. Turnover was 2.66 billion shares worth 4.56 billion pesos (48.884 million dollars).
"We've been inspired by a string of positive news," said Astro del Castillo of First Grade Holdings Inc Ayala Corp and its units were among the winners, with the conglomerate up five pesos at 630. Globe Telecom Inc rose 105 to 1,440, Ayala Land Inc was up 1.25 at 17.50 and Bank of the Philippine Islands advanced 1.50 to 72. Food and beverage firm San Miguel Corp's A-shares rose 50 centavos to 63.50 pesos while its B-shares were unchanged at 75 pesos.