PLDT down nearly 5% in mid-trade

Philippine Long Distance Company (PLDT), the nation's biggest phone firm, was down nearly 5 percent in mid-trade as foreign sentiment dimmed on local stocks after US inflation rose to an 11-year high which raised prospects of further increases in US interest rates. At 10:28 am, PLDT -- which is a quarter-owned by Hong Kong's First Pacific Company Ltd. -- was down P100 at P1,990, dragging the Philippine Stock Exchange composite index to drop 3.68 percent. The main index has shed 87.86 points at 2,300.47. Market volume was at 981.40 million valued at P578.4 million. "There's nothing specific to PLDT that's driving it down. PLDT has been a barometer. Every time foreign funds come in, it's the first to be bought along with the Ayala stocks," said ATR-Kim Eng research head Ed Bancod. Bancod kept his "buy" call on PLDT and said he expects the company to be on track to achieve its earnings target of P32 billion for 2006. - GMANews.TV