Philippine stocks hit ten-year high

Philippine stock prices closed higher on Thursday, bringing the main index to a fresh high in ten years.

The 30-company composite index was up 78.43 points or 2.38 percent at the day's high of 3,379.37. It was also the main index's best finish since Feb. 10, 1997 when it ended at 3,386.02.

The broader all-share index rose 49.44 points to 2,127.55.

Gainers led losers 107 to 24, while 50 stocks were unchanged.

Trade volume was 4.9 billion shares worth 5.8 billion pesos ( 120 million U.S. dollars).

Broad-based buying lifted the stock market while investors showing their optimism about the outlook for the Philippine economy, dealers said.

Source: Xinhua