Local stocks reach new high

By Maiki Oreta, ABS-CBN News

Posted at Oct 04 2010 12:59 PM | Updated as of Oct 04 2010 11:58 PM

MANILA, Philippines - Local stocks rose to a fresh record high on Monday, tracking gains in Asian bourses, following Wall Street's advance Friday due to positive consumer spending data.

The key Philippine Stock Exchange index rose by 1.9% or 76.48 points to a fresh record of 4,188.31.

The all-share index went up 1.5% or 39.82 points to 2,625.46.

Buying was broad-based as all subindices finished in green, led by the property sector.

Gainers beat losers, 96 to 41, while 41 issues were unchanged.

A total of 2.2 billion shares valued at P5.36 billion changed hands.

Energy Development Corp. was the top traded stock by value, gaining 0.8% to P6.20.

Second on the active list was Aboitiz Power Corp., which shot up 5.5% to P22.50 on news that the Department of Energy will help its unit, Therma Marine Inc., secure power supply contracts.

Market heavyweight Philippine Long Distance Telephone Co. was also actively traded. It jumped 2.1% to P2,650.