Monday, September 11, 2006
Stocks rise 1.0% on Wall Street's gains (4:15 p.m.)
MANILA -- Stocks rose Monday in step with Wall Street's advance Friday.
The benchmark 30-company Philippine Stock Exchange Index closed at its intraday high of 2,400.78 with a gain of 22.74 points, or 1.0 percent, after Friday's 1.1 percent loss.
Westlink Global Equities Chairman Rommel Macapagal said Wall Street's rally, in particular the 3.2 percent gain posted by blue chip Philippine Long Distance Telephone Co.'s American Depositary Receipts, contributed to the market's performance.
PLDT was the most actively traded stock, rising three percent to P2,040.
"Hopefully, the market will be able to stay above the 2,380 level, remaining strong on fundamentals and growing expectations that the country may be due for a credit rating upgrade given its fiscal and economic performance. The market is now riding on the strong optimism of investors," Macapagal said.
Other active stocks included Metro Pacific, which rose 1.7 percent to 3.65 pesos. The holding concern resumed trading Monday after being suspended last month in line with its capital restructuring program.
Also on the upswing was Ayala Land, up 3.7 percent at P14, on the upbeat prospects of the property sector.
Philex Mining B fell 4.1 percent to 3.55 pesos on lower world gold prices.
Ayala Corp. was down 2.7 percent at 455 pesos on profit-taking after the conglomerate's stock price reached a seven-year high last week.
Decliners led gainers 55 to 31, while 67 stocks were unchanged. (AP) |
