Author Topic: Philippine shares rebound  (Read 1206 times)

Lorenzo

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Philippine shares rebound
« on: September 06, 2007, 03:32:05 PM »
MANILA, Philippines (AP) = Philippine shares rebounded Wednesday, led by Manila Electric Co., with an advance on Wall Street overnight aiding the recovery.

The 30-company Philippine Stock Exchange Index gained 130.05 points, or 0.9 percent, at 3,342.35, after retreating 1.7 percent Tuesday.

"Last month's drop has been tremendous and the market is now recovering part of that,'' said Summit Securities President Harry Liu.

He cautioned that security concerns linked to the upcoming verdict in the six-year plunder trial of deposed President Joseph Estrada were "starting to be factored in by the market.''

Meralco led the advance, surging 7.8 percent at 83 pesos, as the power distributor bounced from steep falls caused by a lower-than-expected tariff hike.

Philippine Long Distance Telephone Co. climbed 1.7 percent at 2,710 pesos, in line with a rise in the company's American depository receipts.

Gainers led decliners 73 to 37, while 52 stocks were unchanged.

http://thestar.com.my/news/story.asp?file=/2007/9/5/apworld/20070905140856&sec=apworld

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