Stocks gain as investors pick up blue chips

Share prices closed higher on Friday, driven by buying in select blue chip issues. The Philippine Stock Exchange index rose 23.92 points or 0.74 percent to close at 3,269.18. The broader all shares index gained 26.25 points or 1.30 percent at 2,050.23. Gainers clobbered losers 75 to 36 while 56 stocks were unchanged. Trading was valued at P5.34 billion. Metropolitan Bank and Trust Co., the country's largest lender, was the top-traded stock. It jumped P2 or 3.30 percent to P62.50. Ayala Corp., the nation's oldest and largest conglomerate, gained P25 or 3.97 percent at P655. PNOC-Energy Development Corp. rose P0.35 7.07 percent to P5.30. Manila Electric Co. B shares, which are open to foreigners, gained P0.50 at P70.50. Philippine Long Distance Telephone Co., bucked the winning trend, losing P30 or 1.15 percent at P2,575. -GMANews.TV