Wednesday, November 07, 2007
Stock index climbs 0.4% on buying in blue chips, mining stocks (4:35 p.m.)
MANILA-- Shares edged up Wednesday, lifted by blue chips with strong third-quarter earnings and mining stocks.
The Philippine Stock Exchange Index rose 14.63 points, or 0.39 percent, at P3,788.26, after dipping 0.03 percent Tuesday.
"There are concerns that given record-high oil prices, inflation would rise and could weigh on economic growth and corporate earnings," said Accord Capital Equities analyst Lawrence de Leon.
Top traded Philippine Long Distance Telephone Company advanced 0.5 percent at P3,045 on better-than-expected third-quarter results.
Ayala Land Incorporated surged 3.2 percent to P16 ahead of its earnings report next week.
Philex Mining Corporation was higher by 2.4 percent to P10.75 after gold futures rallied to an eight-year high amid a weak U.S. dollar.
Gainers outnumbered decliners 56 to 41, while 68 stocks were unchanged. (AP)
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