Manila Times
Saturday, March 18, 2006
Banking shares lift local bourse
Philippine share prices closed up Friday, hitting their highest level in six weeks as investors bought bank stocks amid an improved outlook for the sector, dealers said.
However, the financial sector was the only one to see significant interest, with trading light elsewhere in the market.
The composite index added 8.40 points to 2,150.17 after trading between 2,141.77 and 2,157.00.
This is the best closing level since February 2 when the composite index finished at 2,159.37.
The broader all-shares index was down 2.09 points to 1,037.98.
Gainers outnumbered losers 52 to 30, while 54 stocks were unchanged.
Volume reached 630.16 million shares worth P641.05 million ($12.55 million).
The peso traded at 51.08 to the dollar by midday.
2TradeAsia.com said there was follow-through buying in bank and property-related stocks after the legislature this week extended a law that allows banks to sell nonperforming assets free from some taxes and at substantial discounts.
The move is expected to lead to lower interest rates as banks remove idle assets from their books which have been a major drag on their profitability in recent years.
Meanwhile, the extension of the law should also give the real estate market a boost as homes and office space become more affordable, it said.
Bank of the Philippine Islands led gainers by adding a peso to 62.
Its rival Metropolitan Bank and Trust also advanced by a peso to 37.50. Equitable PCI Bank gained P1.50 to 74.50.
Philippine Long Distance Telephone Co. retreated P5 to 1,825, while rival Globe Telecom gained P10 to 875.
San Miguel A, restricted to local investors, fell 50 centavos to P60.50. San Miguel B, available to foreign investors, ended steady at P78.
--AFP
http://www.manilatimes.net/national/2006/mar/18/yehey/business/20060318bus10.html
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