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Nation

Stock market surges 2.2 percent to 2-month high

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MANILA, Philippines (AP) - Philippine shares surged to a two-month high Tuesday, propelled by Wall Street's rally overnight and expectation the Philippine central bank will cut key rates.

The 30-company Philippine Stock Exchange Index rose 79.27 points, or 2.2 percent, to 3,677.19 _ its highest close since July 24.

The market has risen 12 percent since mid-September, breaking several resistance levels.

"This is in anticipation of a central bank rate cut," said Unicapital Securities research head Ron Rodrigo, referring to a rate-setting meeting Thursday. "We may continue to rise given the overall positive outlook, although there will be investors who will take this as a selling opportunity."

Ayala Corp., the Philippines' largest conglomerate, climbed 5.5 percent to 580 pesos after announcing that it will issue up to 7 billion pesos (US$159 million; ?111 million) worth of bonds to refinance debts.

Metropolitan Bank & Trust Co., the country's largest lender, was up 2.7 percent at 57.50 pesos.

Philippine Long Distance Telephone Co. inched up 1.2 percent at 2,940 pesos after touching a new record high of 2,970 pesos, following hefty gains of its American depository receipts Monday. Rival Globe Telecom Inc. rose 4.1 percent to 1,520 pesos after briefly hitting a record high 1,535 pesos.

Gainers outnumbered losers 90 to 36, while 51 stocks ended unchanged.

vuukle comment

AYALA CORP

METROPOLITAN BANK

PESOS

PHILIPPINE LONG DISTANCE TELEPHONE CO

PHILIPPINE STOCK EXCHANGE INDEX

RIVAL GLOBE TELECOM INC

RON RODRIGO

TRUST CO

UNICAPITAL SECURITIES

WALL STREET

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