Philippines shares end higher

Philippines share prices closed 2.39 percent higher at a new record close on Thursday due to the recovery of US stocks overnight, dealers said. The US market recovered after bond yields eased and retail sales surpassed expectations, they said.
The composite index gained 84.80 points to settle at a record close of 3,628.62 after hitting a new trading high of 3,633.65. The broader all-share index gained 43.08 points to 2,304.21. Gainers trounced losers, 96 to 32, while 46 ended flat. Volume totalled 6.09 billion shares worth 6.089 billion pesos (131.1 million dollars).
The local currency traded at 46.44 to the dollar. "The market tracked the rebound of regional markets after Wall Street bounced back strongly from Tuesday's losses," said Jose Vistan of AB Capital Securities.
Vistan said investors remain concerned about the outlook for US interest rates with yields on Treasury notes still at multi-year highs. "But the local corporate fundamentals are quite solid, so you can expect the market to come up with a strong rally," he said.
Jonathan Ravelas, market strategist at Banco de Oro-EPCI Bank, said the market can sustain its bull run amid a positive outlook for the domestic economy. "With the new market high today, the market definitely has the capacity to test the 3,800 level in the near term," said Ravelas.
The day's major gainers include Philippine Long Distance Telephone Co which added 45 pesos to 2,695, catching up with the overnight gains of its New York-traded American Depositary Receipts. Property counters also rose with Ayala Land Inc advancing one to 17.50 while Megaworld Corp inched up 20 centavos to 4.20 pesos. Food and beverage giant San Miguel Corp's A-shares were up 50 centavos at 66.50 pesos while its B-shares also gained 50 centavos to 72.50 pesos.