Shares close higher for 5th day ahead of Q3 results
Quezon City (25 October) -- SHARE prices closed sharply higher with most blue chips in favor ahead of the start of the third-quarter earnings reporting season, pushing the main index to a new high in more than nine years, dealers said.
The market extended its rally for the fifth straight session despite a generally cautious mood in many Asian bourses this morning as investors await the outcome of tonight's policy meeting by the US Federal Reserve.
At the close, the 30-company composite index was up 53.20 points or 2.03 percent at 2,678.72, near its day-high of 2,681.73. It hit a low of 2,625.52.
It was the index's best finish since Aug 6, 1997 when it ended at 2,694.79.
"Investors are positioning in companies that performed well in the third quarter and are likely to do even better in the fourth quarter and next year," said Mark Alan Canizares, an analyst at CitisecOnline.com Inc. (PIA) [top]
