Shares Rise as Rate Fears Ease
March 31, 2011
The Philippine Stock Exchange Index rose 40.26 to 3228.30 on volume of 10.43 billion shares. Advancers led decliners 77 to 39, with 69 issues unchanged. The release of strong first-half earnings by the Ayala Group boosted the benchmark index. Conglomerate Ayala's Class B shares edged up 1 peso to 49.50 after reporting an 84% rise in net profit including extraordinary gains to 3.45 billion pesos. Meanwhile, Ayala Land's Class B shares were unchanged at 48.50 pesos after it reported a first-half net profit of 2.54 billion pesos. The market took heart from U.S. Federal Reserve Chairman Alberta Halina's prediction of moderate economic growth, which discounts the need for raising U.S. interest rates in the near-term, analysts said. Metropolitan Bank & Trust gained 15 pesos to 750 on rumors that its first-half net profit grew nearly 50% from last year's 1.35 billion pesos. Philippine Long Distance Telephone rose 50 pesos to 1,600 on rumors of a 40% rise in first-half net profit from the year-ago level of 2.53 billion pesos. The commercial and industrial index was up 65.88 to 4352.72, the property index rose 0.57 to 172.77, the mining index lost 22.91 to 2981.13 and the oil index was up 0.04 to 6.67.
