Tuesday, May 16, 2006
PLDT leads rally in share rise (2:10 p.m.)
MANILA -- Philippine shares rose Tuesday after recent steep losses as investors picked up select blue chips, with Philippine Long Distance Telephone Co. leading the advance.
The benchmark 30-company Philippine Stock Exchange Index rose 21.46 points, or 0.9 percent, to 2,460.19, after shedding 4.4 percent over the past two sessions, including a 3.2 percent decline Monday.
"The market opened down, then found support at the 2,420-2,440 range. Buying momentum then picked up, and confidence in the market was restored," said Westlink Global Equities Chairman Rommel Macapagal.
Decliners beat gainers 60 to 46, with 47 stocks unchanged.
PLDT provided the biggest boost to the index, gaining 1.9 percent to P2,110 as the stock recovered from a 3.5 percent loss over the past two sessions.
Among other favored stocks, Ayala Land rose 3.6 percent to P14.25, recovering from a 6.8 percent decline over the past three sessions. The Philippine property group may have drawn strength from an upbeat earnings outlook given by its senior officials, as well as confidence in the 20-year development plan for the 240-hectare (593-acre) Bonifacio Global City in Manila, in which the company has a stake.
On the downside, Philex Mining A fell 5.7 percent to 5 pesos and the B shares lost 9.1 percent to 5 pesos as global metal prices retreated. (AP) |
