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Monday, February 27, 2006
Shares rise 0.9% as markets shrug off security woes (3:40 p.m.)
MANILA -- Shares advanced Monday as investors brushed aside security threats to the administration of President Gloria Macapagal-Arroyo.
The benchmark 30-company Philippine Stock Exchange Index rose 19.43 points, or 0.9 percent, to 2,089.36, its highest level for the session.
The market fell 1.1 percent Friday after Arroyo declared a state of emergency to quell an attempted coup and civil unrest.
PCCI Securities President Francisco Liboro said investors were still willing to focus on positive market and corporate fundamentals, though they were reluctant to touch blue chips following a five-hour standoff Sunday between disgruntled marines and government forces in a Manila marines camp.
"As the session unfolded, investors may have realized that the declaration of the state of emergency was opportune and the right action to take to maintain stability in the system," said Liboro.
Among the most actively traded stocks was blue chip Philippine Long Distance Telephone Co. (PLDT), which shrugged off the 3.6 percent loss suffered by its American depositary receipts in New York Friday to close up 0.3 percent at P1,780, boosted by strong 2005 financial results that beat analysts' forecasts.
PLDT posted record 2005 net profit of P34.11 billion, up 22 percent from the previous year, due to cost reductions and higher revenue from its cellular operations.
Pilipino Telephone, a unit of PLDT subsidiary Smart Communications, rose 3.2 percent to P3.20, after the mobile phone operator also posted record high 2005 net profit of P13.46 billion.
Ayala Land rose 2.3 percent to P11, rebounding from losses in the previous session.
Philex Mining B rose 2.4 percent to P1.74 on higher world gold prices.
Capping the market's gains were continuing losses in Bank of the Philippine Islands, off 0.9 percent at P58.50, and Ayala Corp., down 0.8 percent at P320. (AP)
Reposted with corrections |
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