Shares close higher; key index above 2,600
Quezon City (21 October) -- SHARE prices closed higher for the third straight day amid optimism over corporate results for the third quarter and a bright outlook for the economy, pushing the main index to a fresh seven-year high above 2,600 points, dealers said.
At the close, the 30-company composite index was up 20.26 points or 0.78 percent at 2,617.41. It was the index's highest close since July 5, 1999 when it ended at 2,621.67. It gained 2.4 percent for the week.
"The momentum carried us above the 2,600-point level and this positive sentiment may spill over to next week," Westlink Global Equities chairman Rommel Macapagal said.
"Clearly there is momentum and money is flowing into the market, particularly in companies that are expected to report strong earnings for the third quarter," said Mark Alan Canizares, a stock analyst at CitisecOnline. (PIA) [top]