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Friday, August 04, 2006
Shares rise on inflation data, PLDT advance (4:05 p.m.)
MANILA -- Philippine shares rose Friday, buoyed by favorable inflation data and an increase in the American depositary receipts of blue chip Philippine Long Distance Telephone Co.
The benchmark 30-company Philippine Stock Exchange Index rose 5.05 points, or 0.2 percent, to 2,362.60, after a 2.1 percent increase Thursday.
The latest Philippine inflation report showed July consumer prices up 6.4 percent on year from 6.7 percent in June, in line with the Central Bank's 6.3 percent to 7 percent estimate. Central Bank Gov. Amando Tetangco said slower July inflation widened the scope for holding interest rates steady at the Aug. 10 monthly rate-setting meeting.
"The decelerating inflation rate is positive. I think the Central Bank won't do anything during its policy meeting next week. There's no compelling reason for the Central Bank to do anything at this point," said Fitzgerald Aclan, an assistant vice president at Banco de Oro Universal Bank.
PLDT was the most actively traded stock, rising 1.5 percent to P2,095, reflecting expectations it will announce higher second-quarter earnings on Aug. 8. The company's ADR's rose 2.2 percent in New York trading Thursday.
In Friday's session, gainers led decliners 59 to 32, while 59 stocks were unchanged.
Globe Telecom rose 1 percent to P1,020 on strong first-half earnings. SM Prime was up 1.2 percent at P8.20 on higher second-quarter results.(AP)
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