November 02, 2006
Updated 11:29:29 (Mla time)
PHILIPPINE Long Distance Telephone Co. (PLDT) was higher in late trade on expectations of a higher dividend payout next year, dealers said.
PLDT, the most actively traded stock so far, was up 20.00 pesos or 0.85 percent at 2,380.00 on volume of 80,300 shares. The stock hit P2,385.00 early in the session, its highest level ever.
The stock has gained nearly 30 percent since the start of the year, in line with the market's 30 percent rise.
"Demand for PLDT shares is strong mainly because of its attractive dividend yield," said Gomer Tan, vice president for marketing at Regina Capital Development Corp.
Last month, PLDT president Napoleon Nazareno said the company was considering raising its dividend payout to 70 percent of core earnings by next year, from 60 percent this year.
Nazareno said the higher dividend would be supported by the company's strong free cash flow, estimated at around $800 million every year.
($1= P49.74)
http://services.inq7.net/express/06/11/02/html_output/xmlhtml/20061102-30136-xml.html
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