Monday, November 27, 2006
Shares end flat ahead of GDP release (4:30 p.m.)
MANILA -- Shares ended little changed Monday on a lack of market-moving news as investors waited for the release later in the week of third-quarter economic growth figures.
The benchmark 30-company Philippine Stock Exchange index dropped 0.28 point, or 0.01 percent, at 2,817.56, after rising 0.1 percent on Friday.
The government was scheduled to release July-September gross domestic product data, and expectations are that the numbers will show healthy growth. A Dow Jones Newswires poll projected third-quarter growth of 5.68 percent on-year, near the upper end of the government's forecast of between 5.2 percent and 5.8 percent, on strong exports and farm output.
Philippine Long Distance Telephone Co. recovered from early losses to close up 0.2 percent at P2,505.
Conglomerate Ayala Corp. gained 0.5 percent at P495 pesos after announcing a 2- billion-peso (US$41 million; euro31 million) loan pact for debt refinancing and funds for new investments.
Metropolitan Bank & Trust Co. shed 1 percent at P48.50, while property developer Megaworld Corp. lost 0.9 percent at P2.12. Decliners led advancers 55 to 46, while 61 stocks were unchanged. (AP) |
