Thursday, November 16, 2006
Shares up 1 percent on lower budget deficit (5:20 p.m.)
MANILA -- Shares advanced Thursday after three sessions of losses, helped by favorable budget deficit data.
The benchmark 30-company Philippine Stock Exchange Index was up 27.10 points, or 1 percent, at 2,818.59, after dropping 0.4 percent Wednesday.
"The budget deficit data helped break the three-day slump in the market," said First Grade Holdings Managing Director Astro del Castillo.
The government posted a January-October budget deficit of P56.3 billion (US$1.1 billion; euro859 million) -- well below the P125 billion (US$2.5 billion; euro1.9 billion) ceiling for the whole of 2006.
Philippine Long Distance Telephone Co. was the most actively traded, rising 1.7 percent to P2,445.
Property developer Megaworld Corp. gained 5.7 percent at P2.22, after it revised the terms of its planned stock rights offer that will result in fewer shares being offered and potentially a lower cash call. (AP)
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