Stocks soar despite weak econ data; PLDT down

Share prices soared Wednesday, as investors disregarded weak 2006 economic data and focused on prospects for the coming year, analysts said. The Philippine Stock Exchange index closed higher by 42.61 points or 1.33 percent at 3,239.27. The government earlier in the day said the country's gross domestic product in 2006 grew 5.4 percent year-on-year, missing the low end of the official target by 1 percentage point. Last year, it set a GDP growth target of 5.5 to 6.2 percent. "The market didn't react to that data because that is already old," AB Capital research head Jose Vistan said. "The data was disappointing but we are moving on. The current environment is just very conducive for local and foreign investments to come in," he added. Philippine Long Distance Telephone Co., the bourse's most heavily weighed stock lost P10 at P2,630. The loss comes a day after parent firm First Pacific Co. Ltd. announced it was waiving its right to match a rival bid of P25.2 billion bid by a Singapore hedge fund for the government's 46 stake in Philippine Telecommunications Investment Corp. (PITC), equivalent to 6.3 percent of PLDT. The broader all shares index gained 24.09 points or 1.21 percent at 2,012.55. All sectoral indices advanced. Gainers led losers 66 against 54. There were also 54 unchanged stocks. Trading was valued at more than P4.5 billion. Property developer Ayala Land Inc. gained P1.25 or 7.69 percent at P17.50. Parent firm Ayala Corp. rose P5 to P630. SM Investments Corp., the holding company of the country's richest man Henry Sy, shed P2.50 at P370. Bank of the Philippine Islands, the second largest bank in the country, gained P1.50 or 2.13 percent at P72. -GMANews.TV