Philippine Stock Shares Go Up

[pioneer]

Philippine shares climbed Monday (26 Nov), led by Ayala Corp., tracking Wall Street's rebound at the end of last week.

The Philippine Stock Exchange Index gained 42.85 points, or 1.21 %, at 3,537.29. The index lost 2.9 % last week.

"The market is really oversold given last week's plunge. It was due for a technical bounce," said First Grade Holdings managing director Astro del Castillo.

Ayala Corp., the Philippines' largest conglomerate, led the rebound, surging 2.7 % to 570 pesos after falling 5 % last week.

Metropolitan Bank & Trust Co. soared 4.8 % at 54.50 pesos after declaring a cash dividend.

Mining stocks Lepanto Consolidated Mining Co. advanced 8.5 % at 0.51 peso, while GEOGRACE Resources Philippines Inc. rose 5.7 % to 1.86 pesos as metal futures prices continued to shine.

Gainers outnumbered decliners 80 to 23, while 50 stocks were unchanged. (AP)

source: http://www.mysinchew.com/node/3567