MANILA, Philippines - Local stocks hit a new record high on Friday boosted by continued investor optimism in the region.
The key Philippine Stock Exchange index rose 35.19 points or 0.8% to 4,458.74. The previous record of 4,439.61 was hit on July 5.
All subidices posted gains, led by the financial sector, which went up 1%.
Advancers outpaced decliners, 111 to 43, while 36 stocks were unchanged.
"We continue to be optimistic about the market's prospects given the Asian region's relative stability compared with the debt situation in the US and Europe," said PSE president and CEO Hans Sicat.
"This was also reflected by the upbeat performance of other Asian markets today," he added.
Top lender Metropolitan Bank and Trust Co., the most actively traded stock by value, jumped 3.4% to P79.55. It gained for a fourth straight session amid "buy" recommendations from analysts.
Meanwhile, East Asia Power Resources Corp. surged 34% to P2.62 after it was acquired by Century Properties Inc.