PLDT paces stock market's 4th-day climb

Business Mirror Mar 3, 2006 PLDT paces stock market's 4th-day climb THE Philippine stock index on Thursday rose, rounding its biggest four-day gain in two months, after government officials said threats to oust President Gloria Macapagal-Arroyo have eased. Ayala Corp. and Philippine Long Distance Telephone Co. (PLDT) climbed. The Philippine Stock Exchange Composite Index added 2.34, or 0.1 percent, to 2137.61 at the noon close of trading in Manila . It has gained 3.3 percent since February 24, its largest four-day gain since January 4. The index rose as much as 0.8 percent Thursday, on speculation Mrs. Arroyo will lift a state of emergency as early as yesterday. It fell as much as 0.4 percent. "Some investors are betting that the government has the situation under control," said James Lago, head of research at Westlink Global Equities. Still, "there are investors who are wary and tentative because the government is sending mixed signals about the situation." Ayala Corp., owner of the nation's largest property developer, its second-biggest mobile-phone company, and most valuable lender, added P12.50, or 3.8 percent, to P345, a three-month high. SM Prime Holdings Inc., its largest shopping mall operator, gained 10 centavos, or 1.3 percent, to P8. Pilipino Telephone Corp., its third-largest mobile-phone company, rose 5 centavos, or 1.5 percent, to P3.30. "These stocks will do well once we are through with the political crisis," Lago said. PLDT rose P30, or 1.7 percent, to P1,810, its biggest jump in 11 days. The company said Wednesday it stopped enrolling new customers for a flat-rate service that Globe Telecom said was priced below cost. Globe Telecom fell P35, or 4 percent, to P845. Shares worth P1.26 billion (US$24.6 million) were traded, 3.3- percent more than the six-month daily average. Gainers edged losers, 42 to 37, with 58 unchanged. Bloomberg