Wednesday, March 15, 2006
Shares rise 0.3% on Wall Street rally (3:30 p.m.)
MANILA -- Shares advanced Wednesday, buoyed by a rally on Wall Street.
The benchmark 30-company Philippine Stock Exchange Index rose 6.92 points, or 0.3 percent, to 2,127.91, after shedding 0.04 percent Tuesday.
The market, however, remains locked in what traders described as a broad consolidation range, which is expected to hold for the near term.
BPI Securities assistant vice president Spencer Yap said investors were reluctant to bid prices higher amid a "pervading sense of uncertainty."
"Investors will have to continue to wait for stronger signals from corporate results, economic indicators, and the political landscape," said Yap.
Traders said the market took its cue from Wall Street's advance Tuesday, which bolstered the Dow Jones Industrial Average at its highest level in nearly five years with a gain of 0.7 percent to 1,1151.34. The Nasdaq Composite Index rose 1.3 percent.
Blue chip SM Investments was the most actively traded stock with a gain of 0.5 percent at P224 on 1.19 million shares traded.
The Philippine flagship concern of retail tycoon Henry Sy on Tuesday posted a 24 percent rise in 2005 net profit to P7.10 billion, boosted by gains across all its businesses.
Benefiting from SM Investments' rise was mall operating unit SM Prime, up 4 percent at P7.90.
Globe Telecom also was up 3.7 percent at P850, as investors took an upbeat view on the mobile company's earnings growth prospects after enjoying a strong performance in the fourth quarter.
Stocks that limited the market's upside included Ayala Land, which fell 2.3 percent to P10.50, San Miguel B, off 1.9 percent at P78, and Metropolitan Bank, lower by 3.9 percent at P37. (AP)
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