\n<strong>(Updated 6:46) <\/strong> Philippine shares sustained an uptrend on Friday, ending trades back at the 7,200 level on a slew of positive news from blue chip companies that pushed the market to its 29th record close for the year.<br n\/><br n\/>The benchmark PSEi was up 67.95 points or 0.94 percent to 7,262.38. The broader all-shares index rose 0.79 percent to 4,517.42. Gainers beat decliners 92 to 72, while 48 stocks were unchanged.<br n\/><br n\/>PSEi eclipsed its previous record of 7,215.35 on May 3.<br n\/><br n\/>The record close came despite expectations that investors will play it safe and pocket gains ahead of the long weekend leading to the May 13 polls on Monday.<br n\/><br n\/>More than 3.014 billion shares valued at P7.524 billion were traded. All sub-sectors ended the week in the green, except for mining and oil.<br n\/><br n\/>PAPA Securities Corp. analyst Krizia Syquiatco said the bellwether index was buoyed by corporate news. “Well, its driven by market specific news and earnings,” she said.<br n\/><br n\/>Syquiatco noted the Andrew Tan-led Alliance Global Inc. was the top gainer. “It raked in hefty gains after it said that it will list its gaming arm,” she said.<br n\/><br n\/>On Friday, Travellers International Hotel Group Inc.—joint venture between Alliance Global and Genting Hong Kong Ltd.—filed a registration statement with the Philippine Stock Exchange for a potential public offering.<br n\/><br n\/>Reuters reported that deal could raise up to $854 million from an initial public offering.<br n\/><br n\/>Follow-on buying in blue chip stocks which reported good earnings this week also boosted the PSEi, said Syquiatco.<br n\/><br n\/>Gregg Ilag, analyst at AB Capital Securities Inc., said investors bought into the market as they remain positive about macroeconomic fundamentals<br n\/><br n\/>“Data this week show that the country is still at a bright spot. Inflation [last month] was at its slowest [this year],” he said.<br n\/><br n\/><a href="\/news\/story\/307169\/economy\/business\/april-inflation-settles-at-2-6-a-13-month-low">Inflation settled at a 13-month low of 2.6 percent in April<\/a>, the government reported on Tuesday.