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Philippine shares rise 1.4 percent on strong GDP growth for 2Q

Philippine shares rise 1.4 percent on strong GDP growth for 2Q

Philippine stocks climbed Friday, lifted by second-quarter economic growth that was stronger than forecasts.
The 30-company Philippine Stock Exchange Index gained 44.95 points, or 1.4 percent, to 3,365.29. Gains were posted across all sectors, but volume was moderate as some investors stayed on the sidelines ahead of the weekend
"Today's rise is largely due to the strong economic data," said Nestor Aguila, president of DA Market Securities. But he said U.S. stocks' performance overnight will provide direction for the local market next week.
President Gloria Macapagal Arroyo announced Thursday that the Philippine economy grew 7.5 percent in the second quarter compared with a year ago, the fastest rate in two decades. Gross national product, which includes income from abroad, rose 8.3 percent for the second quarter from a year ago.
Philippine Long Distance Telephone Co. gained 0.2 percent to 2,655 pesos in line with gains in its American Depositary Receipts. Conglomerate Ayala Corp. rose 3.1 percent to 492.50 pesos. Mall operator SM Investment Corp. gained 4.2 percent to 370 pesos. Manila Electric Co. B shares rose 3 percent to 104 pesos.