Philippine stocks rose Thursday in heavy volume, in step with the U.S. market and boosted by surprisingly strong economic growth in the second quarter.
The 30-company Philippine Stock Exchange Index rose 3.5 percent to 3,320.34 points.
"The market was bolstered by the GDP data. It shows the economy has momentum," said Ricardo Puig, an analyst at Wealth Securities. "The only overhang is the U.S."
The Philippine economy grew 7.5 percent in the second quarter compared with a year ago, the fastest rate in two decades, President Gloria Macapagal Arroyo said Thursday. Gross national product, which includes income from abroad, rose 8.3 percent for the second quarter from a year ago, she said.
Gainers led losers 119-11, with 34 issues unchanged.
Philippine Long Distance Telephone Co. rose 2.7 percent to 2,650 pesos as its American Depositary Receipts climbed 2.6 percent in New York.
Ayala Land rose 7.6 percent to 14.25 pesos, and Manila Electric Co.'s widely traded B shares gained 7.5 percent to 101 pesos.