RP stocks rise from 4-week low; Finivest, PLDT gain

PHILIPPINE stocks on Thursday posted the biggest gain in three weeks, lifting the benchmark index from its lowest close in almost a month.
           
Filinvest Land Inc. advanced after the company reported its biggest quarterly profit in at least seven years. Philippine Long Distance Telephone Co. (PLDT) gained as some investors deemed its 6.1-percent decline in the past week excessive. Ayala Corp. rebounded from a two-day 2.5-percent loss that drove the stock to a six-week low.
           
The Philippine Stock Exchange Index added 42.90, or 1.6 percent, to P2,788.46 at the noon close in Manila, after a three-day decline sent it Wednesday to its lowest since November 2. The measure climbed 3 percent this month, its third straight monthly gain. Trading will be closed today for a national holiday.
           
"The market's three-day correction was too sharp," said James Lago, head of research at Westlink Global Equities Inc. "The drop brought down valuations of some stocks to more attractive levels."
           
Filinvest Land gained 2 centavos, or 1.3 percent, to P1.62, its first advance in 11 sessions. The builder said Thursday it posted a third-quarter profit of P326 million ($6.56 million), the highest since at least 1999, according to Bloomberg data.
           
The benchmark Wednesday lost 1.2 percent after the government said economic growth slowed to a five-year low as high fuel costs dented consumer spending and exports growth weakened.
           
PLDT, the nation's largest phone company, added P60, or 2.5 percent, to P2,460 after falling Wednesday to its lowest in almost four weeks. The stock is up 4.2 percent this month.

Megaworld

AYALA Corp., the nation's fourth-largest company by market value, jumped P15, or 3.1 percent, to P497.50, its biggest gain since October. The stock has risen 1.5 percent this month, its fifth straight monthly gain.
           
Bank of the Philippine Islands, the nation's largest lender by market value, gained 50 centavos, or 0.8 percent, to P62, after posting Wednesday its biggest loss since August.
           
Shares worth P3.33 billion ($67 million) were traded, 57-percent more than the six-month daily average and the largest since October 30. Gainers beat losers 76 to 30, with 50 stocks unchanged in the broader market.
           
Separately, Megaworld Corp., the nation's largest office and residential condominium builder, advanced 4 centavos, or 1.9 percent, to P2.18, paring this month's loss to 6.8 percent.
           
Security Bank Corp. rose P1, or 1.6 percent, to P64, bringing this month's gain to 4.9 percent, its fifth straight month of gains.
           
Megaworld and Security Bank on Thursday signed an agreement providing the property company's homebuyers with cheap, long-term financing.
           
First Gen Corp., the nation's third-largest power producer, fell 50 centavos, or 0.9 percent, to P55.50, paring this month's climb to 2.8 percent. The company said it dropped out of the bidding for Philippine power plants of Mirant Corp. (Bloomberg)

 

Business Mirror
December 1, 2006