The Philippine Star 02/03/2006
Share prices closed 0.74 percent higher yesterday on gains in select market heavyweights and a higher sales tax that boosted investor sentiment, dealers said.
They said sentiment was also boosted by strong growth figures for the last quarter.
The composite index rose 15.85 points to 2,159.37 after touching a low of 2,143.52. Volume stood at 2.52 billion shares worth P1.34 billion.
Gainers outnumbered losers 49 to 35, while 48 stocks ended unchanged.
The all-shares index rose 11.84 points to 1,042.95.
"The EVAT (expanded value added tax) increase will lead to a lower budget deficit for the government and improved investor confidence in the country," said Gomer Tan of Regina Capital Development.
"Strong GDP (gross domestic product growth) in the fourth quarter also suggests that companies will likely report good profits for 2005," he said.
Summit Securities president Harry Liu said the market is trying to test major resistance of 2,175 points.
"Based on technical charts, a break of that point suggests further aggressive gains. Right now, the long-term bias is still upward," Liu said.
Top-traded Philippine Long Distance Telephone Co. ended up P25 at a record-high of P1,890 after its chairman Manuel Pangilinan said the firm’s 2005 net profit likely exceeded its P30-billion target.
Ayala Land finished at its highest mark in six-and-a-half years, up 25 centavos to P11.25.
Banco de Oro advanced 50 centavos to P37 after its proposal to merge with Equitable PCI Bank expired without any deal reached. Equitable PCI fell 50 centavos to P62.50.
SM Prime Holdings was up 10 centavos at P8 after announcing that it will be open by mid-Feb. its 23rd mall in the country.
San Miguel A shares were unchanged at P63, while San Miguel B ended down 50 centavos at P85.50.
Investors were cheered by PLDT Chairman Manuel V. Pangilinan’s statement Wednesday that the country’s largest telecommunications group will likely post 2005 net profit of more than P30 billion.
Also Thursday, PLDT announced it has signed a memorandum of understanding with Microsoft’s local unit to jointly develop corporate solutions for their respective customers.
Ayala Land rose 2.3 percent to P11.25 on rosy prospects for the property sector and expectations that the Philippine’s largest real estate concern will post favorable 2005 financial results on Feb. 13.
"The market’s advance was still a result of positive sentiment generated by the expanded value added tax law," Westlink Global Equities Chairman Rommel Macapagal said. – AFP, AP
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Share prices closed 0.74 percent higher yesterday on gains in select market heavyweights and a higher sales tax that boosted investor sentiment, dealers said.
They said sentiment was also boosted by strong growth figures for the last quarter.
The composite index rose 15.85 points to 2,159.37 after touching a low of 2,143.52. Volume stood at 2.52 billion shares worth P1.34 billion.
Gainers outnumbered losers 49 to 35, while 48 stocks ended unchanged.
The all-shares index rose 11.84 points to 1,042.95.
"The EVAT (expanded value added tax) increase will lead to a lower budget deficit for the government and improved investor confidence in the country," said Gomer Tan of Regina Capital Development.
"Strong GDP (gross domestic product growth) in the fourth quarter also suggests that companies will likely report good profits for 2005," he said.
Summit Securities president Harry Liu said the market is trying to test major resistance of 2,175 points.
"Based on technical charts, a break of that point suggests further aggressive gains. Right now, the long-term bias is still upward," Liu said.
Top-traded Philippine Long Distance Telephone Co. ended up P25 at a record-high of P1,890 after its chairman Manuel Pangilinan said the firm’s 2005 net profit likely exceeded its P30-billion target.
Ayala Land finished at its highest mark in six-and-a-half years, up 25 centavos to P11.25.
Banco de Oro advanced 50 centavos to P37 after its proposal to merge with Equitable PCI Bank expired without any deal reached. Equitable PCI fell 50 centavos to P62.50.
SM Prime Holdings was up 10 centavos at P8 after announcing that it will be open by mid-Feb. its 23rd mall in the country.
San Miguel A shares were unchanged at P63, while San Miguel B ended down 50 centavos at P85.50.
Investors were cheered by PLDT Chairman Manuel V. Pangilinan’s statement Wednesday that the country’s largest telecommunications group will likely post 2005 net profit of more than P30 billion.
Also Thursday, PLDT announced it has signed a memorandum of understanding with Microsoft’s local unit to jointly develop corporate solutions for their respective customers.
Ayala Land rose 2.3 percent to P11.25 on rosy prospects for the property sector and expectations that the Philippine’s largest real estate concern will post favorable 2005 financial results on Feb. 13.
"The market’s advance was still a result of positive sentiment generated by the expanded value added tax law," Westlink Global Equities Chairman Rommel Macapagal said. – AFP, AP
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