Philippines stocks jump, led by PLDT

Philippines stocks rose more than three percent to end at a fresh 33-month high on Tuesday, powered by Philippine Long Distance Telephone Co (PLDT) and Globe Telecom Inc.
The 33-share main index gained 3.05 percent or 45.40 points to 1,532.74, its highest close since March 12, 2001. The index has risen 6.17 percent in the first two trading days of the new year after leaping nearly 42 percent in 2003.
Traders said they expected the market to take a breather on Wednesday before resuming its ascent.
Astro del Castillo, managing director of financial management firm First Grade Holdings Inc, said he saw the main index moving within 1,500 to 1,550 points for the rest of the week.
Turnover on Tuesday was heavy at 1.57 billion pesos ($28.5 million), more than double Monday's 774.16 million pesos. Gainers beat losers 55 to 13, with 36 stocks unchanged.
"The market remained strong due to optimism on telecom stocks such as PLDT and Globe. Meralco is also rising due to its rate hike beginning this month, which should boost its revenues," said Asiasec Equities research head Oliver Plana. Analysts view the telecoms sector as one of the bright spots in the Philippines, with revenues seen rising due a flood of text messages and voice calls in the run-up to elections on May 10.
PLDT, the country's largest telephone firm, ended up 10 pesos or nearly one percent at 1,030 pesos, its highest mark in almost four years.
More than 676 million pesos worth of PLDT shares changed hands, accounting for 43 percent of total turnover.
PLDT President Manuel Pangilinan said on Monday the company may exceed its 2003 net profit target of 10 billion pesos due to strong growth at its mobile unit Smart Communications Inc.
Globe Telecom, jointly owned by Philippine conglomerate Ayala Corp and Singapore Telecommunications, jumped 10.44 percent or 95 pesos to 1,005 pesos.
The B-shares of Manila Electric Co (Meralco), which are open to foreigners, rose six percent or 1.50 pesos to 26.50 pesos.
The A-shares of the country's largest power distributor, which are restricted to Filipinos, added 6.45 percent or one peso to 16.50 pesos.