MANILA - Philippine shares rallied in the last minute after trading lower most of the day.
Volatility of the index is attributed to corporate talks, including the entry of a third telecommunications provider for the country, an analyst said.
The Philippine Stock Exchange Index closed 0.26 higher at 8,365.11.
However, stock prices for telco providers Globe and PLDT were lower today.
“A lot of things going on in the corporate world, there’s even another mention of another candidate in the Internet business coming in, a lot things going on there affecting the prices of PLDT and Globe consequently,” analyst Alejandro Yu of R.S. Lim & Company, Inc. told Market Edge with Cathy Yang.
Philippine Telegraph & Telephone Corp is talking to eight Chinese companies, mostly in telecoms, to form strategic partnerships as it aims to become a major player in the domestic telecoms market, its chairman said last Tuesday.
Salvador Zamora, chairman of PT&T, told Reuters the company expects to sign by December 15 a deal with a Chinese firm providing broadband services.
President Rodrigo Duterte "offered" China to become the third telecommunications operator in the Philippines, his spokesman said last Monday.
Duterte made the proposal to Chinese Premier Li Keqiang during a meeting in Malacañang on Nov. 15, Presidential Spokesperson Harry Roque told reporters.