MANILA, May 13 – Philippine shares surged to a nine-month high above 7,400-mark on Friday after investors cheered positive first-quarter domestic corporate earnings reports.
The local stock barometer zoomed 111.75 points or 1.53 percent to 7,436.79 from previous day’s 7,325.04 finish.
Friday’s closing level was the highest since August 13, 2015 when the index closed at 7,439.80.
The holding firms sector was the biggest gainer, with the index surging by 3.13 percent led by conglomerates Ayala Corp., Aboitiz Equity Ventures Inc., Alliance Global Inc., Cosco Capital Inc. and DMCI Holdings Inc.
“Market participants digested on first-quarter 2016 earnings data from large-caps,” said online brokerage 2TradeAsia.com.
It said election spending boosted property, power and retail sectors.
Value turnover was thick at Php12.89 billion on 4.94 billion shares changing hands.
Advancers swamped decliners, 112 to 78, while 49 issues unchanged.
The mining and oil and property counters finished in the red.