MANILA -- Shares in Globe Telecom Inc. rallied 6.1 percent after media conglomerate ABS-CBN Corp. said it had signed a network sharing agreement with Philippines' second-ranked telecom firm.
Globe Telecom shares finished at P1,570, the highest close in almost a week. It was the second-best performer on the Philippine composite index on Wednesday.
The agreement boosted optimism about earnings prospects at Globe Telecom, analysts said.
"It's a long term earnings driver for Globe Telecom," said Manila-based April Lee-Tan, head of research at COL Financial.
Shares in ABS-CBN, meanwhile, rose 3.7 percent to P45.
The two firms inked a network sharing agreement on Tuesday, allowing ABS-CBN to offer telco services and exclusive content while utilizing Globe Telecom's infrastructure.