Philippine shares rose Friday as the market continued to attract investors seeking better returns after treasury bill yields hit record lows earlier in the week.
The 30-company Philippine Stock Exchange Index advanced 23.84 points, or 0.7 percent, to 3,389.37, up from 3,365.53 Thursday.
"The market is encountering resistance at 3,400. But that will not stop it from trying to test that level again early next week," said RCBC Securities manager for securities and stock market Chelsea Dipasupil, adding that the outlook remained bullish.
PNOC-Energy Development Corp., the most active stock, rose 12 percent to 6.60 pesos on talk that government financial institutions were buying it up for their investment portfolios.
Philippine Long Distance Telephone Co. rose 0.6 percent to 2,610 pesos, and Ayala Corp. was higher by 1.6 percent at 620 pesos.
Advancers led decliners 97 to 35, while 12 stocks were unchanged.
The peso gained strength in moderate volume a day after monetary authorities issued new foreign exchange rules that further liberalized currency trading in the Philippines, including doubling to $12 million the amount that companies could invest overseas without prior central bank approval.
The dollar closed at 48.155 pesos down from 48.300 pesos Thursday.
AP
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