Wednesday, October 03, 2007
Shares surge 2.5% to near record high (4:20 p.m.)
MANILA-- Shares surged to a near record-high Wednesday, inspired by expectations that the central bank will cut key rates.
The 30-company Philippine Stock Exchange Index rose 92.6 points, or 2.5 percent, to P3,769.82 - its highest close since July 13.
The market has risen by almost 15 percent since the middle of September and traders expect a bout of profit-taking soon.
Philippine Long Distance Telephone Company led the market rise, ending 3.4 percent higher at a new record high close of P3,040 as investors expected solid third quarter results.
Ayala Corporation, the country's largest conglomerate, advanced 4.3 percent to P605.
The central bank meets Thursday amid expectation it will reduce interest rates following a similar by the U.S. Federal Reserve on September 18. A reduction in interest rates would encourage people to borrow more money and increase their purchases.(AP)
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