Index gains 22 pts on window-dressing

Share prices rose yesterday as the year-end window-dressing efforts by companies heightened ahead of today’s last trading session for 2000, boosting a portfolio of selected blue chips.

The 30-company composite index and the broader All-Shares index both rose 1.51 percent to 1486.46 and 806.61, respectively. The counters, led by property, went in the green, except for oil which was unchanged.

Although there was dearth of news on the political front, particularly on the impeachment case of President Estrada, the week-long recess in the trial to resume next year has given investors the breathing space to focus on boosting their stock portfolio by selectively buying bargain issues.

Advancers led decliners, 54 to 30, while 27 issues stayed flat yet value turnover thinned down more than half to P673.648 million.

League leader San Miguel "A" was the most active stock with over 16 percent of total transactions. Its price was unchanged at P48.50, along with the "B" shares which stood at P54.50.

Globe Telecom, another company headed for a banner year, was likewise a favorite. Its common shares, warrants and Philippine Deposit Receipts (PDRs) were all on the upside yesterday with the common shares gaining P5 to P685; the warrants moving up P30 to P830; and the PDRs adding P10 to P680.

Other heavyweight stocks that moved on the plus side were Meralco B, Ayala Land, PLDT, Ayala Corp., SM Prime and the Canadian Insurers Sun Life and Manulife.

Even shares of companies that have been negatively dragged in the political news were higher yesterday. Equitable PCI Bank, the depository bank of the controversial "Jose Velarde" second inked to President Estrada, added P5 to P58.60 while Fairmont Holdings, the former BW Resources whose major stockholders Dante Tan was among those pinned down by the Department of Justice or stock manipulation, rose eight centavos to P0.82.

Uniwide Holdings was among the day‘s top gainers, moving up eight centavos to P0.55 following its disclosure that its interim receivership committee appointed by the Securities and Exchange Commission has "successfully negotiated with all the creditors banks and have already secured their approval of the terms and conditions towards the rehabilitation of the Uniwide Group."

Uniwide’s investor relations manager Jean Javier said the negotiations include the extension of the memorandum of agreement with other banks which will expire this year, a move that was positively received by the French retail giant Casino-Gouchard before it eventually takes over Uniwide’s operations early next year.