Monday, March 09, 2005
RP shares end higher; PLDT, Ayala boost market rise (12:50 p.m.)
MANILA -- Shares ended higher Wednesday, led by gains in blue chip Philippine Long Distance Telephone Co., traders said.
The Philippine Stock Exchange Index finished up 8.08 points, or 0.4 percent, at 2,157.14, after falling 0.8 percent Tuesday. The index set a 5 and half year closing high of 2,166.10 Monday.
PLDT was the most actively traded stock, closing up 1 percent at P1,480, buoyed by the optimistic earnings outlook of the country's largest telecommunications group.
Last week, PLDT posted a record annual net profit of P28.04 billion for 2004, largely on gains from its mobile phone operations.
"The company is saying it will be able to sustain its performance," said BPI Securities senior manager Roberto Cano.
Also bolstering the market were Ayala Corp., up 1.2 percent at
P8.40 on the conglomerate's rosy first-quarter earnings outlook, Petron, which rose 4.7 percent to P4.50, and Semirara, up 4.6 percent at P45.50.
Capping the market's upside were Manila Electric B, down 1.6 percent at P30.50, and Bank of the Philippine Islands, down 2.5 percent at P58.(AP)
|
