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Thursday, October 19, 2006
Shares surged to 7-year high, led by gains in PLDT (3:10 p.m.)
MANILA -- Philippine shares surged Thursday to seven-year highs, buoyed by investors' bullish sentiment toward the country's economic outlook.
The benchmark 30-company Philippine Stock Exchange Index rose 50.62 points, or 2 percent, to 2,597.15, its best close since July 13, 1999. Wednesday, the index rose 0.1 percent.
Philippine Long Distance Telephone Co. was the most actively traded stock, rising 3.2 percent to close at 2,265 pesos.
AB Capital Securities research director Jose Vistan said PLDT received a boost from the 2.8 percent advance in the company's American depositary receipts in New York Wednesday.
Other active stocks included SM Prime, up 1.2 percent to 8.50 pesos on the expected pickup in earnings from its mall operation as Christmas approaches.
Global Equities rose 11 percent to 0.72 peso on the holding concern's venture into the promising mining sector.
Megaworld advanced 1 percent to 2 pesos, as the real estate concern is expected to benefit from its expanding list of projects.
Gainers led decliners 88 to 15, while 55 stocks were unchanged. (AP) |
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