MANILA, Philippines - Local share prices soared to an all-time high on Thursday as Wall Street rallied, while positive economic data at home further bolstered investor sentiment.

The main index of the Philippine Stock Exchange climbed 2.6% to  3,902.56, already topping analysts' full year forecast of 3,800.

The broader all-share index gained 2.1% to 2,438.32.

During trading hours, the National Statistics Office said the country's merchandise exports in July went up by 39.5% to $4.5 billion, driven by a huge demand for electronics.

For the first 7 months of the year, exports climbed by 37.4% from a year ago to $28.223 billion.

Market breadth was positive, with advancers outpacing decliners, 100 to 35, while 49 issues ended unchanged.

A total of 2.2 billion shares worth P6.4 billion changed hands.

"Buying has been very strong in the last 2 weeks by foreign investors," said Franciso Liboro, president of PCCI Securities.

Liboro said the market was helped by so much liquidity in the markets.

The market had gained 4.5% in a week and racked up a total of 9.7% in the last 2 weeks.

"The funds had to go into the stock markets, equities is the only place to go," added Liboro.

Analysts are now looking at the next resistance level of 4,100.

Although there may be some consolidation in the coming weeks, the decline will  be minimal, especially if the market is supported by better economic data from major economies. 

"Export figures are very encouraging as well. If  these numbers are sustained, then we can expect the market to go higher in the coming weeks," said Liboro.

The property sector took the lead, climbing by 6.3% on strong finishes by SM Development Corp. Ayala Land Inc., Megaworld Corp.  and Robinson's Land Corp.

SM Development Corp. soared 8.8% to P7.90 after it announced a 1:3 stock rights offering.

Ayala Land edged up by 3.9% to P18 a piece.

Robinson's Land rose by 5.4% to P16.04.

Megaworld was up by 2.4% to P2.13.

Index heavyweight Philippine Long Distance Telephone Co. was the most actively traded stock, but it bucked the trend, shedding 0.2% to P2,404.

Metropolitan Bank and Trust Company, rose by 4.85% to P73.50.

Banco de Oro Unibank added 3.5% to P59.95.

Liboro said that stock prices are likely to remain steady going forward.

"Share valuations are still very reasonable and investors do not want to be left out when the market is on the uptrend."  Maiki Oreta, ABS-CBN News, Rocel Felix, abs-cbnNews.com