Paxys Inc. (PAX) and IPVG Corp. rose in Manila trading on speculation a weakening peso will boost earnings at Philippine call-center operators.
Paxys, the second-biggest Philippine call-center operator by value, rose 6.6 percent to 4.05 pesos at the noon close of trading, its highest since March 5. IPVG, an Internet gaming company that's expanding into call centers, surged 13 percent to 5.50 pesos, closing at its highest since April 8.
The Philippine peso dropped 1.4 percent to 43.240 against the U.S. dollar at 3:08 p.m. local time, the lowest since Nov. 22. A weaker peso increases the sales of call-center operators, which are denominated in U.S. dollars.
``Paxys benefits from a depreciating peso,'' said Paul Jeffrey Lu, an analyst at CitisecOnline.com, a Manila-based stock broker. ``The lower the peso gets, the better the revenue and earnings outlook becomes for call centers.''
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