Share prices rebound on bargain hunting

By Maiki Oreta, ABS-CBN News

Posted at Oct 13 2010 01:15 PM | Updated as of Oct 13 2010 09:17 PM

MANILA, Philippines - Local stocks rebounded on Wednesday on bargain hunting in property issues, traders said.

The key Philippine Stock Exchange index rose 0.7% or 27.50 points to 4,194.06.

The broader all-share index went up 0.4% or 11.17 points to 2,670.98.

The subindices finished mixed. The financial industrial and property sectors were up, while the holding firm, services and mining and oil sectors were in red.

Value turnover came in at P5.44 billion.

SM Investments Corp. was the most actively traded stock by value, losing 1.9% to P515 on continued profit taking.

Second most active was Alliance Global Group Inc., which rose 3.5% to a record close of P11.02. Interest in the stock was buoyed by the company's announcement that reservation sales of its property unit, Megaworld Corp., rose 81% in the first 9 months.

Megaworld added 4% to P2.33.

Other property stocks also closed in positive territory.

Ayala Land Inc. jumped 4.5%, while Filinvest Land Inc. gained 1.5%. Robinsons Land Corp. went up 1.2%.