Philippine stocks rose, driving up the benchmark index the most in a month on speculation more companies will join Philippine Long Distance Telephone Co. in reporting higher earnings.
PLDT (TEL), the nation’s biggest company by market value, rose to a five-year high, adding to a 2.3 percent gain yesterday after it posted a sixfold jump in quarterly profit. Aboitiz Power Corp. (AP), which reports earnings today, increased 1.9 percent. Ayala Land Inc. (ALI) climbed 5.1 percent, leading gains among developers, after the Philippine Daily Inquirer reported rising real-estate demand is fueling property inventories.
“The earnings coming out have been good and so far there has been no major disappointment, giving the market support,” Allan Yu, who helps manage the equivalent of $10.9 billion as a fund manager at Metropolitan Bank & Trust Co., said by phone.
The Philippine Stock Exchange Index (PCOMP) jumped 1.7 percent to 6,824.30 as of the noon break in Manila. The measure is poised for its biggest advance since Feb. 4. The gauge climbed 17 percent this year, the most among the largest Asian benchmark indexes, amid expectations economic growth will accelerate and the nation will win an investment-grade credit rating.
The Philippine gauge climbed 294 percent since October 2008 through March 5, making it the world’s biggest equity bull market. That’s at least 134 percentage points more than every other bull market in emerging and developed nations, data compiled by Bloomberg show.
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