MANILA, Philippines (AP) - Philippine shares closed higher Monday, with bargain-hunting lifting a clutch of blue chips despite lingering concerns over the political and security situation, traders said.
The 30-company Philippine Stock Exchange Index rose 9.09 points, or 0.8 percent, to 1201.92 after falling 25.59 points Friday. Altogether, the main index lost 52.51 points last week.
The broader All Shares Index gained 3.96 points to 772 after sliding 11.71 points Friday to 768.04.
"Again, it's bargain-hunters coming to the rescue of the market,'' Mark Canizares, an analyst at Citiseconline.com, told Dow Jones Newswires. "The market is playing a bit of catch-up.''
Gainers beat losers 25 to 16, with 50 stocks unchanged.
Philippine Long Distance Telephone Co. was the primary focus of bargain hunters, advancing 1.9 percent to 545 pesos.
Metrobank, Petron and Jollibee joined PLDT on the buy list. Metrobank climbed 3.7 percent to 28 pesos, Jollibee rose 1.5 percent to 17.25 pesos, and Petron advanced 1.1 percent to 1.90 pesos.
Traders said the market's gains were tempered by political concerns, the latest of which was the resignation Friday of National Defense Secretary Angelo Reyes, the latest casualty of the failed mutiny in July.
Traders said the peso's volatility is also keeping foreign investors from the stock market as a depreciation of the currency undercuts the value of local investments. - AP
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