Philippine stocks close higher

The Philippine stock prices closed higher on Thursday at the day's peak, driven by strong gains in selected ones and hopes for an improvement in the government's fiscal condition after the 2 percent hike in the value-added tax that took effect Wednesday.

The main composite index ended up 15.85 points or 0.74 percent at 2,159.37. Volume stood at 2.52 billion shares worth 1.34 billion pesos (30 million US dollars).

The broader all-share index rose 11.84 points to 1,042.95.

Gainers led losers 49 to 35, while 48 stocks ended unchanged.

Source: Xinhua