| Philippine market shares soar to record high |
BEIJING, June 1 (Xinhuanet) -- Philippine shares rose to a record high Friday on heavy buying in blue chips after the government reported the country's highest first-quarter growth in 17 years.
The benchmark 30-company Philippine Stock Exchange Index rose 72.68 points, or 2.1 percent, to 3,547.35, breaking resistance at 3,500 and beating the previous record of 3,505.03 hit May 22.
"As far as the Philippines is concerned, they (investors) can see that the fiscal and economic platform looks good," said DA Market Securities Inc. President Nestor Aguila.
"The government has the money to fund infrastructure, which should further boost growth in the long run," he said.
The government reported Thursday the economy grew 6.9 percent in the first quarter from the same period a year ago, the fastest pace in 17 years. It credited brisk private and government spending, strong export receipts and across-the-board growth in key industries.
The market may take a breather next week following the recent strong gains, said Ricardo Puig, an analyst at Wealth Securities.
Gainers outnumbered losers 90 to 25, and 50 stocks were unchanged
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