Wednesday, August 16, 2006
Stocks rise 0.6 % as US rate concerns ease (4:55 p.m.)
MANILA -- Philippine stocks rose Wednesday, taking their cue from Wall Street's rally after fresh US economic data eased concerns over possible interest rate increases, traders said.
The benchmark 30-company Philippine Stock Exchange Index rose 14.09 points, or 0.6 percent, to 2,343.51, after rising 0.1 percent Tuesday.
"Wall Street's rally and the latest US data provided the market with direction. The past few days, the market was just moving sideways," said Westlink Global Equities Chairman Rommel Macapagal.
The Dow Jones Industrial Average rose 1.2 percent Tuesday after US economic data showed the July Producers Price Index rising at a slower pace compared to the previous month. That eased concerns that the Federal Reserve might revive its interest rate hike campaign as early as next month.
Among active Philippine stocks, property concern Megaworld climbed 6.5 percent to P1.64 after it reported second-quarter net profit Tuesday that was more than double the year-earlier level.
Bank of the Philippine Islands, the country's second-largest lender by assets, added 3.9 percent to P54, recovering from its 2.8 percent loss over the past four sessions.
Overall, gainers led decliners 43 to 41, while 70 stocks were unchanged. |
