Thursday, February 23, 2006
Stocks rise 1.1 %, led by Ayala group stocks (3:30 p.m.)
MANILA -- Philippine stocks rose Thursday, led by stocks belonging to the Ayala group, traders said.
The benchmark 30-company Philippine Stock Exchange Index ended up 23.44 points, or 1.1 percent, at 2,091.32 at its intra day high, after falling 1.6 percent over the past three sessions.
Philippine Long Distance Telephone Co., the most actively traded share, advanced 1.2 percent to P1,765 on 130,720 shares traded ahead of what analysts expect to be favorable 2005 financial results due on Monday.
Ayala Corp., the second most actively traded share, added 0.8 percent to P332.50 after the conglomerate posted a record net profit earlier this week.
Among other Ayala group shares, Ayala Land rose 4.8 percent to P11. Ayala Corp. affiliate Globe Telecom gained 3.6 percent to P855 on improved earnings prospects for the country's second-largest mobile phone company by subscribers, as well as the stock's attractive valuation, analysts said.
Philex Mining A shed 1.2 percent to P1.66 and International Container Terminal falling 4.3 percent to P11.25. Philex rose in the previous session on higher gold and copper prices in the world market. International Container Terminal has always been a market favorite due to its expanding overseas operations.
All subindexes finished higher, with the broader All Shares subindex up 11.76 points at 1,286.61. Gainers led decliners 49 to 33, while 51 stocks were unchanged.(AP) |
