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THE
Philippines’ key stock index rose for the first time in
four days. Philippine Long Distance Telephone Co. (PLDT)
and Pilipino Telephone Corp. advanced on news President
Gloria Macapagal-Arroyo won’t impose new taxes on the
telecommunications industry.
“Government is letting the good times roll,’’ said
Jonathan Ravelas, chief market strategist at Banco de
Oro-EPCIB Inc. “A new tax will hurt and reduce demand
for telecommunications services like text messages.’’
The
Philippine Stock Exchange index added 3.54, or 0.1
percent, to close at 3657.12, after earlier losing as
much as 0.4 percent. The benchmark, which closed at a
record 3718.88 on June 20, fell 1.8 percent in the past
three sessions.
PLDT,
the nation’s largest company by market value, rose P30,
or 1.1 percent, to P2,670, ending a two-day, 2.6-
percent slide. Pilipino Telephone, a mobile -phone unit
of PLDT, added 10 centavos, or 1.5 percent, to P6.90.
The
government will resort to sales of assets instead of
imposing new taxes on the telecommunications industry to
make up a possible shortfall in state revenue, according
to newspaper reports, citing Mrs. Arroyo.
Mrs.
Arroyo also has no plans to introduce new taxes,
according to another news report, citing Press Secretary
Ignacio Bunye. Finance Secretary Gary Teves last week
said the government is considering new measures to
increase tax revenue by P10 billion.
‘No new
taxes’
“NEW
taxes could hurt consumer spending,’’ said Leo
Venezuela, an analyst at ATR-Kim Eng Securities. “A
reiteration by government that there will be no new
taxes is positive for spending.’’
Ayala
Land Inc., the nation’s largest property developer and
third-biggest shopping mall operator, gained 25
centavos, or 1.4 percent, to P18, ending a 6.6 percent,
three-day slump.
San
Miguel Corp.’s Class A shares, equity reserved for
Filipinos in the nation’s largest food and drinks
company, climbed P1.50, or 2 percent, to P75. Its Class
B shares, which have no ownership restrictions, advanced
P2.50, or 3.2 percent, to P81, the biggest gain in a
month.
Philex
Mining Corp., the nation’s most profitable metals
producer, lost 20 centavos, or 3.5 percent, to P5.50
after the price of copper declined.
Metals
prices
CLASS A
shares of Lepanto Consolidated Mining Co., equity
reserved for Filipinos in the gold and silver producer,
slid 1 centavo, or 3.2 percent, to 30. Its Class B
shares, which have no ownership restrictions, fell 1
centavo, or 2.9 percent, to 34.
Gold
futures for August delivery fell 0.4 percent to $654.70
an ounce on the Comex division of the New York
Mercantile Exchange Monday while silver futures for July
delivery lost 1.1 percent to $12.877 an ounce.
Shares
worth P5.32 billion were traded, 5.8 percent more than
the six-month daily average. Losers outnumbered gainers
94 to 40 with 44 stocks unchanged in the broader market.
Vista
Land & Lifescapes Inc., a homebuilder that’s planning to
sell up to P38.9 billion worth of shares, rose P1.75, or
48 percent, to P5.40. It’s the stock’s second trading
day since Vista Land replaced its unit C&P Homes Inc. as
a publicly traded company. A total of 247,000 Vista Land
shares were traded Tuesday.
Vista Land
and its owners may sell as many as 3.89 billion shares
at a price ranging from P3 to P10 each, the company said
last week. |
