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Philippine shares rise on bargain hunting in PLDT, bank, property stocks

Philippine shares rise on bargain hunting in PLDT, bank, property stocks

Philippine shares advanced on last-minute buying of Philippine Long Distance Telephone Co. and banking and property stocks on Monday.
The 30-company Philippine Stock Exchange Index gained 14.54 points, or 0.5 percent, at 3,177.36, after losing 3.4 percent Friday. Before Friday's plunge, the index had gained 7.7 percent in six sessions.
"The market might not even correct anymore, since it's very liquid," said BPI Securities assistance vice president Spencer Yap.
PLDT was the most active, up 0.2 percent at 2,635 pesos, despite the 1.1 percent loss by the company's American depository receipts.
Property developer Megaworld Corp. gained 1.6 percent at 2.50 pesos on an upbeat property outlook.
Metropolitan Bank & Trust Co. advanced 0.9 percent at 57.50 pesos on hopes that low interest rates will spur borrowing.
Aboitiz Equity Ventures, which has interests in energy generation, shed 3.5 percent at 8.40 pesos after completing a sale of 742.5 million treasury shares at 8.20 pesos each.
Advancers led decliners 71 to 41, while 48 stocks were unchanged.
The peso weakened against the U.S. dollar for the third straight session as rising month-end corporate demand for dollars lifted the U.S. currency.
The dollar closed at 49.130, from 49.090 on Friday.