Vol. XXII, No. 6 [ BusinessWorld Online ]
Monday, August 4, 2008 | MANILA, PHILIPPINES
THE PROPERTY sector led by Ayala Land, Inc. and Megaworld Corp. continued to be last week’s top gainer, advancing by 5.49% and followed closely by mining and oil companies, which rose by 4.67%.
Analysts said Ayala Land gained 9.89% to P10 after the company assured investors last week that it would be reporting favorable second-quarter earnings.
Meanwhile, Megaworld gained 2.78% to P1.48 as investors continued to buy undervalued stocks hurt most by the bleak market sentiment, analysts said.
Mining sector was boosted by Lepanto Consolidated Mining Co., whose shares went up by 10.6% to 26 centavos after Chinese partner Zijin Mining Group Co. Ltd. obtained approval to raise its stake in gold mining company Far Southeast Gold Resources, Inc. to 60% from 20%, analysts said.
Meanwhile, undervalued banking stocks Rizal Commercial Banking Corp. (RCBC) and Metropolitan Bank and Trust Co. (MBTC) pulled the financial sector up by 3.15%. RCBC gained 11.29% to P17.25, while Metrobank gained 10.14% to P38.
On the other hand, holding company DMCI Holdings, Inc. was a loser last week, shedding 5.66% to P5 after its interest in Maynilad Water Services was lowered to 44% following a debt-equity conversion, analysts said. — KJRL
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