Philippines share prices rose 1.24 percent to hit a two month-high on Thursday, buoyed by a record performance on Wall Street overnight, dealers said. They said Thursday's performance was the result of the market's recent push to crack the 3,300 resistance level.
The composite index jumped 40.91 points to the day's high of 3,350.34. It was the index's highest finish since February 26, when it closed at 3,380.00 points. The broader all-share index rose 24.09 points to 2,118.70. Gainers outnumbered losers 70 to 26, while 63 stocks ended unchanged on volume of 7.5 billion shares.
"If the surge continues, the market may try to test a new resistance level and bring the index closer to the all-time high of 3,400," said Lawrence de Leon of Accord Capital Equities Inc.
Astro del Castillo, managing director of First Grade Holdings Inc, said players were influenced by the run-up on overseas markets. "The upbeat mood on Wall Street, along with the trickle of positive results of corporates earlier this week, inspired investors here to also take positions on companies expected to release better results."
"We expect the index to continue its rise due to strong buying from foreign funds and as the market has already breached a critical resistance level," said Ron Rodrigo at Unicapital Securities Inc, referring to the recent breach of 3,300 points.
Among the gainers were Ayala Corp, which edged up 25 pesos to 625. SM Investments Corp gained 12.50 to 365. Oil refiner Petron Corp advanced 30 centavos to 5.50 pesos. Philippine Long Distance Telephone Co, however, shed 5.00 pesos to 2,565. Power distributor Manila Electric Co's A shares were up 2.00 at 70.50 while B shares also gained 2.00 at 71.00. Food and beverage giant San Miguel Corp's A and B shares were steady at 65.00 and 73.50, respectively.