The Philippine Stock Exchange Index (PCOMP) rose 1.4 percent to 4,642.76, the first gain in three days.
Builders, Banks: Ayala Land Inc. (ALI) , the country’s biggest developer, increased 1.8 percent to 16.80 pesos. Megaworld Corp. (MEG) advanced 3.2 percent to 1.91 pesos, the highest level since Nov. 22. Metropolitan Bank & Trust Co. (MBT PM), the nation’s second-largest lender by assets, rose 3.7 percent to 76.50 pesos, the first advance in four days. Bank of the Philippine Islands (BPI PM), the nation’s biggest bank by market value, gained 2.4 percent to 59.20 pesos, the highest close since Aug. 18.
Funds sent home by Filipinos working and living overseas increased at a faster pace in November, gaining 10.6 percent from a year earlier to $1.78 billion, the central bank said yesterday. Money sent home by the more than 8.5 million Filipinos living overseas is equivalent to about 10 percent of the economy and helps support home and property sales.
Miners: Atlas Consolidated Mining & Development Corp. (AT PM), a copper and nickel producer, advanced 1 percent to 18.30 pesos. Oriental Peninsula Resources Group Inc. (ORE) , a nickel producer, rose 3.6 percent to 4.38 pesos, the highest close since Sept. 21.
Copper for April delivery on the Shanghai Futures Exchange climbed as much as 3.6 percent to 60,090 yuan ($9,521) a ton. Nickel for three-month delivery in London rose up to 1.2 percent to $19,665 a ton.
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