Local shares up on earnings, global market rallies

By Maiki Oreta, ABS-CBN News

Posted at Aug 03 2010 12:22 PM | Updated as of Aug 03 2010 09:16 PM

MANILA, Philippines - Local shares rose on Tuesday, buoyed by stronger corporate results, while a rise in oil prices fueled a rally in global markets.

The main index of the Philippine Stock Exchange went up by 0.8% to 3,484.08.

The broader all-share index climbed 0.6% to 2,210.93.

Gainers outpaced losers, 78 to 51, while 48 issues closed unchanged.

A total of 825.546 million shares worth P3.06 billion changed hands.

Philippine Long Distance Telephone Co. (PLDT) was the most actively traded stock by value, gaining 0.4% to P2,440. PLDT has reported that its second-quarter profit was up by just 1% to P10.26 billion.

Also actively traded was Banco de Oro Unibank Inc., which posted higher earnings for the first half of the year. BDO's net income surged 94% to P4.1 billion. Its shares closed higher by 2.9% to P48.

Other banking stocks advanced as well.

Bank of the Philippine Islands added 2.5% to P47.10 while Metropolitan Bank and Trust Co. rose 2.2% to P61.50.

In the meantime, Andrew Tan-led Alliance Global Inc. jumped 2.5% to P6.09 following news that its unit, Megaworld Corp., offered to lease out a parcel of land owned by the Philippine Navy for 50 years.