Meralco, Philex Mining lead market climb
August 12th, 2009
Filed under: Operator - Philex
By Doris Dumlao
Philippine Daily Inquirer
FRESH PROSPECTS OF A bidding war for control of two local crown jewels—Philex Mining Corp. and Manila Electric Co.— yesterday perked up investor interest in local stocks and boosted the main-share index by 2.42 percent.
The Philippine Stock Exchange index surged to 2,850.58, with the climb also influenced by an upbeat trading in Wall Street after the latest US government data showed fewer-than-expected job cuts and a surprise drop in the unemployment rate.
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