Stocks up for 8th straight day, led by PLDT
Quezon City (30 October) -- Stocks rose for the eight straight day on Monday, led by dominant telco Philippine Long Distance Telephone Co. (PLDT), with investors optimistic of strong third-quarter corporate earnings results.
Analysts said the stock market's winning streak, the longest since 2004, is showing no signs of letting up in the near term.
"There is nothing in the near term that suggests a correction. This is keeping the market upbeat," Banco de Oro chief market strategist Jonathan Ravelas said.
Association of Securities Analysts of the Philippines president Francis Liboro estimated the key index to hit 2,820 by year-end.
The Philippine Stock Exchange composite index gained 5.82 points or 0.22 percent at 2,708.19. (PIA) [top]