Local stocks extend gains, index hits new high

ABS-CBN News

Posted at Oct 22 2010 01:20 PM | Updated as of Oct 23 2010 01:29 AM

MANILA, Philippines - Local share prices ended the week higher, with the main index reaching a new all-time high.

Analysts said investor sentiment continued to be upbeat despite a bomb scare which forced the Philippine Stock Exchange (PSE) to halt trading on Thursday.

The key PSE index rose 37.82 points or 0.89% to 4,286.87.

The broader all-share index went up 27.17 points or 1.01% to 2,717.26.

All sectors advanced, led by holding firms.

Gainers outpaced losers, 94 to 41, while 51 issues were unchanged.

A total of 1.59 billion shares worth P5 billion were traded.

"The gains of the stock market continue to mirror investor confidence as affirmed by our ranking among Asian markets. Year to date, our index has gained 1,234.19 points or an increase of 40.43% a clear signal of support to the country and its economy," PSE President and Chief Executive Officer Val Antonio Suarez said.

Banco de Oro was the most actively traded stock by value on Friday. It closed unchanged at P60, with half of the shares traded on the stock coming from 8 cross transactions.

Second most active was Metropolitan Bank and Trust Co., which added 3.4% to P74.

Aboitiz Power Corp. also rose sharply after it announced it secured a deal to supply power to the mining operation of Benguet Corp. Aboitiz Power jumped 3.9% to a record close of P28. - With Maiki Oreta, ABS-CBN News