MANILA, Feb 4 (Reuters) - Shares of Manila Electric Co (Meralco), the Philippines' largest power distributor, jumped as high as 8.2 percent by mid-trade as bargain hunters bought the stock after it fell early this week to a near six-month low.
Meralco was the sixth most actively traded stock in early trade with a value turnover of about 40 million pesos ($867,115), accounting for about 5 percent of market turnover. The stock has lost more than 22 percent so far this year, the biggest loser among the top ten stocks by market value.
Meralco climbed as high as 8.2 percent before paring gains at 168 pesos, up 5.66 percent at 0228 GMT, outpacing the 1 percent gain in the main index.
(Reporting by Rosemarie Francisco) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: MERALCO/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Meralco was the sixth most actively traded stock in early trade with a value turnover of about 40 million pesos ($867,115), accounting for about 5 percent of market turnover. The stock has lost more than 22 percent so far this year, the biggest loser among the top ten stocks by market value.
Meralco climbed as high as 8.2 percent before paring gains at 168 pesos, up 5.66 percent at 0228 GMT, outpacing the 1 percent gain in the main index.
(Reporting by Rosemarie Francisco) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: MERALCO/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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