ALI leads market's advance

THE Philippines' key stock index on Monday gained for the third day. Ayala Land Inc. led the advance on optimism faster economic growth will boost company earnings.
           
The Philippine Stock Exchange Index rose 0.77, or 0.03 percent, to close at 2,843.31 at noon in Manila. Decliners edged out advancers 55 to 51.
           
Gross domestic product may have expanded as much as 5.8 percent in the third quarter, Economic Planning director Dennis Arroyo said Monday.
           
"Going into the next year, many investors are reevaluating their earnings forecasts for many companies," said Allan Yu, who helps manage $2.4 billion at Metropolitan Bank & Trust Co. "They're looking at higher profit forecasts."
           
Ayala Land Inc., the nation's largest developer, gained 25 centavos, or 1.7 percent, to P15.25. International Container Terminal Services Inc., the nation's largest port operator, climbed 50 centavos, or 2.6 percent, to P20.
           
Philippine Long Distance Telephone Co., the nation's most valuable company by market value, rose P5, or 0.2 percent, to P2,480.
           
"We should see growth next year a bit better than we've been seeing," said Jose Vistan, an analyst at AB Capital Securities Inc. "That would translate into profits."
           
Aboitiz Equity Ventures Inc., a power and banking company, climbed 40 centavos, or 6.9 percent, to P6.20.
           
Equitable PCIBank and Bank of the Philippine Islands declined on concern recent gains were excessive. Equitable PCI Bank dropped P2, or 2.5 percent, to P77.50. BPI fell 50 centavos, or 0.8 percent, to P63.50. Equitable PCI climbed 20 percent in the month to November 17, while BPI gained 15 percent. The benchmark index rose 12 percent during the period.

(Bloomberg)

 Business Mirror
November 21, 2006