PH stocks hit 1-year high

Posted at 05/14/14 5:23 PM

MANILA, Philippines - The Philippine Stock Exchange index surged to its highest level in a year, lifted by index heavyweight PLDT.

The main index rose 0.40% to close at 6,880.44 .

Among the day's biggest gainers was PLDT, which got a "buy" recommendation from PNB Paribas with a target price of P3,150. PLDT closed at 0.41% up at P2,906.

Gokongwei-led Universal Robina COrp. rose nearly 3% to P155.50 on positive recommendations from three banks.

Ayala Land and Bloomberry both rose more than 1%, still on news that the developer will open a mall at the Solaire casino expansion.

Razon's ICTSI also climbed nearly 1% to P111, after reporting a 29% jump in first quarter profit.

Megaworld also rose after reporting its first quarter profit climbed 49%.

At the foreign exchange market, the peso strengthened to end at P43.55 against the dollar. - ANC