Philippine shares outlook - Higher after long weekend |
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Mon, 15 Oct 2007 00:57
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MANILA (Thomson Financial) - Philippine shares may open higher Monday as investors, returning from a three-day weekend,snap up stocks after Wall Street advanced Friday on better-than-expected US retail sales data.Manila's financial markets were closed Friday for a public holiday.Index leader Philippine Long Distance Telephone Co (PLDT) will likely stretch gains of its New York-traded American Depositary Receipts (ADR). On Friday, PLDT's ADRs gained 1.45 dollars or 2.1 percent to 68.52 dollars.'The strong economic conditions of the Philippines will make the market susceptible to upward rallies made by the Dow,' said Prince Yeung, analyst at AB Capital Securities.PCCI Securities president Francisco Liboro said confirmation of solid earnings growth and expectations of sustained economic expansion in the third quarter could spark another major rally that could see the key composite index topping 4,000.The third-quarter earnings season is expected to begin this week. The government will release gross domestic product data for the past quarter late next month.'Companies with better-than-expected results can expect a boost while companies that fall short may experience selling,' said Yeung.On Thursday, the composite index ended down 10.51 points or 0.3 percent at 3,824.20.(1 US dollar = 44.05 pesos)rocel.felix@thomson.comrf/msCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Philippine shares higher, PLDT maintains record-breaking run 