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Philippine shares up 0.9 percent on gains in PLDT, Ayala Corp.

Philippine shares up 0.9 percent on gains in PLDT, Ayala Corp.

Philippine shares advanced for the sixth session Thursday on gains in blue chips Philippine Long Distance Telephone Co. and Ayala Corp.
The benchmark Philippine Stock Exchange Index gained 30.44 points, or 0.9 percent, at 3,275.19, adding to a 6.6 percent rise over the last five sessions.
"Blue chips PLDT and Ayala Corp. helped boost the market. But we also saw some pretty good profit-taking today, and this may continue tomorrow as the week ends. It's a healthy correction," said DA Market Securities President Nestor Aguila.
PLDT rose 2 percent to 2,795 pesos, in step with the 2.9 percent gain in the company's American depository receipts.
Ayala Corp., the country's largest conglomerate, rose 0.8 percent at 625 pesos.
Electric distribution company Meralco B shares, open to foreign and local investors, were higher by 1.4 percent at 72.50 pesos following 388.3 million pesos (US$8 million; euro6.1 million) worth of a block sale implemented by Asiasec Securities.
Advancers led decliners 76 to 34, while 65 stocks were unchanged.
The peso fell against the U.S. dollar after banks bought dollars in anticipation of a central bank monetary policy adjustment. Central bank's decision to hold the rates came 30 minutes after market closed.
The dollar closed at 48.95 pesos, up from 48.84 pesos on Wednesday.


Updated : 2021-06-24 14:33 GMT+08:00