Tuesday, November 22, 2005
Shares rise for 3rd day to reach eight-month high (2:05 p.m.)
MANILA -- Shares rose for a third day to reach an eight-month high Tuesday as investors accumulated select blue chips.
The benchmark 30-company Philippine Stock Exchange Index rose 4.37 points, or 0.2 percent, to 2,130.93, its best finish since March 11, when it closed at 2,137.39. The advance brought to 3.6 percent the total index gain since Friday.
The country's largest mall operator, SM Prime, was the most actively traded stock, up 3.5 percent at P8.90, on expectations it will gain from increased consumer spending in the fourth quarter during the Christmas holidays.
Other favored stocks were Ayala Corp., up 1.4 percent at P352.50, and Globe Telecom, higher by 4.1 percent to P770.
Capping the market rise was Philippine Long Distance Telephone Co., which fell 0.8 percent to P1,780.
All sectoral indicators retreated, except the oil subindex, which advanced.
Gainers led decliners 46 to 27, while 65 stocks were unchanged. (AP)
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