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Tuesday, January 10, 2006
Stocks rise 0.5% to hit fresh 10-month high (3:05 p.m.)
MANILA -- Stocks hit a new 10-month high Tuesday as investors bought companies expected to post favorable 2005 results later this month.
The benchmark 30-company Philippine Stock Exchange Index rose 11.28 points, or 0.5 percent, to 2,162.43, its best finish since 2,166.10 last March 7. The index rose 0.8 percent Monday.
Among the gainers were Philippine Long Distance Telephone Co., which rose 0.8 percent to P1,845; Petron, up 3.1 percent at P2.02; and Bank of the Philippine Islands, higher by 0.9 percent at P56.50.
The market's upside was capped by profit taking in Ayala Corp., down 0.7 percent at P340, and First Philippine Holdings, lower by 1.9 percent at P52.50.
Banco de Oro rose 4.2 percent to P37, while Equitable PCI gained 1.6 percent to P62.50.
Last week, Banco de Oro offered to merge with Equitable PCI through a share swap.
"The Banco de Oro merger offer to Equitable PCI fanned interest in the two bank stocks," said First Grade Holdings Managing Director Astro del Castillo.
Traders said market sentiment may have also enjoyed a boost from expectations that the central bank may opt for a neutral policy stance now that it appears that the US Federal Reserve may be winding down its cycle of interest rate increases.
The Philippine central bank's Monetary Board has its monthly rate setting meeting Thursday.
All subindexes advanced. Gainers led decliners 38 to 30, while 59 stocks were unchanged. (AP)
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