Shares advance 1.2 percent on gains Globe Telecom
Philstar 02/17 3:32:54 PM
MANILA (AP) - Shares advanced Friday on gains made by select blue chips led by Globe Telecom.
The benchmark 30-company Philippine Stock Exchange Index rose 25.74 points, or 1.2 percent, to 2,102.16.
Globe provided the biggest boost to the index, with a gain of 7.8 percent to close at 830 pesos, as several analysts shifted the country's second-largest telecommunications group in assets back to their "buy" lists.
Among those who made the shift was Macquarie Securities' senior analyst Gilbert Lopez, who cited the favorable earnings picture and valuation of Globe. Lopez said he has upgraded Globe to "outperform" from "underperform."
Globe is still trading below its median price target of 892.50 pesos, based on a Thomson Financial survey of 10 analysts.
Rival Philippine Long Distance Telephone Co., or PLDT, was the most actively traded stock, gaining 0.6 percent to finish at 1,770 pesos on 132,280 shares traded, following a 2.1 percent advance by the company's American depositary receipts in New York Thursday. A Thomson Financial survey estimated the stock's median price target at 2,075 pesos.
The market also got a boost from technical rebounds staged by several issues, said AB Capital Securities Research Director Jose Vistan. Among them, SM Prime, which rose 1.3 percent to 8 pesos.
Ayala Land, which early this week posted a 21 percent rise in 2005 net profit to 3.62 billion pesos (US$70.9 million) in line with analysts' estimates, rose 4.9 percent to close at 10.75 pesos.
MANILA (AP) - Shares advanced Friday on gains made by select blue chips led by Globe Telecom.
The benchmark 30-company Philippine Stock Exchange Index rose 25.74 points, or 1.2 percent, to 2,102.16.
Globe provided the biggest boost to the index, with a gain of 7.8 percent to close at 830 pesos, as several analysts shifted the country's second-largest telecommunications group in assets back to their "buy" lists.
Among those who made the shift was Macquarie Securities' senior analyst Gilbert Lopez, who cited the favorable earnings picture and valuation of Globe. Lopez said he has upgraded Globe to "outperform" from "underperform."
Globe is still trading below its median price target of 892.50 pesos, based on a Thomson Financial survey of 10 analysts.
Rival Philippine Long Distance Telephone Co., or PLDT, was the most actively traded stock, gaining 0.6 percent to finish at 1,770 pesos on 132,280 shares traded, following a 2.1 percent advance by the company's American depositary receipts in New York Thursday. A Thomson Financial survey estimated the stock's median price target at 2,075 pesos.
The market also got a boost from technical rebounds staged by several issues, said AB Capital Securities Research Director Jose Vistan. Among them, SM Prime, which rose 1.3 percent to 8 pesos.
Ayala Land, which early this week posted a 21 percent rise in 2005 net profit to 3.62 billion pesos (US$70.9 million) in line with analysts' estimates, rose 4.9 percent to close at 10.75 pesos.
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