Friday, March 31, 2006
Stock market recovers (3:35 p.m.)
MANILA -- The stock market gained after four straight sessions of losses.
The benchmark 30-company Philippine Stock Exchange Index rose 15.31 points, or 0.7 percent, to 2,195.95,
after shedding 1.2 percent since Monday.
"The market is coming off a correction, which was expected," said ATR Kim Eng Securities research head Edgar Bancod. "After that, it was understood that he market will resume its rise."
PLDT was the most actively traded stock, gaining 1.1 percent to P1,925 on the 1.6 percent rise
Thursday in the company's American Depositary Receipts in New York.
All sectoral indicators advanced. Gainers led decliners 58 to 29, while 50 stocks were unchanged.
Other active stocks included Ayala Land, up 4.7 percent at P11.25; Bank of the Philippine Islands, higher by 0.8 percent at P62.50, and SM Prime, up by 1.3 percent at P7.90.
Philex Mining A and B gained 5.9 percent to close at P2.70 on rising metal prices and the company's plan to declassify its shares to common stocks to boost liquidity and investor interest.
Profit-taking continued to weigh on Equitable PCI Bank, down 1.3 percent at P75. (AP)
Reposted with corrections
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