Wednesday, October 25, 2006
Shares hit fresh 9-year high on upbeat economic outlook (1:35 p.m.)
MANILA -- Philippine shares rose to their highest level in nine years Wednesday amid upbeat sentiment toward the country's economic and fiscal outlook.
The benchmark 30-company Philippine Stock Exchange Index rose 53.20 points, or 2 percent, to 2,678.72 - its highest close since Aug. 6, 1997.
The index was up 0.3 percent Monday. Financial markets were closed Tuesday to mark the end of the Muslim holy month of Ramadan. Wednesday's advance brings the index's total gains to 5.3 percent over the past five sessions.
"Barring any negative developments, it looks like the market is headed towards 2,700," said Westlink Global Equities Chairman Rommel Macapagal. The 2,700-point mark is a key resistance level for the market and the year-end target for a number of brokerage houses.
"The positive local fundamentals and the positive leads from abroad are boosting the market," said AB Capital Securities research director Jose Vistan, noting the market played catch-up to Wall Street's rally Monday and continued gains Tuesday.
First Grade Holdings managing director Astro del Castillo said hopes of favorable third-quarter corporate earnings results due for release in the coming days aided the market's advance.
Philippine Long Distance Telephone Co. was the most actively traded stock, rising 0.2 percent to P2,285, following the 1.2 percent gain by the company's American depository receipts in New York.
PLDT also is expected to post strong third-quarter corporate results Nov. 7.
Megaworld rose 3.7 percent to P2.22 on the property sector's bright prospects and the company's growing list of projects.
Bank of the Philippine Islands gained 5 percent to P63, possibly on expectations of strong third-quarter earnings. (AP) |
