MANILA, Philippines (AP) - Philippine shares inched up Monday, led by Philex Mining Corp., as the market consolidated after last week's generous U.S. rate cut.
The 30-company Philippine Stock Exchange Index gained 10.72 points, or 0.3 percent, at 3,434.35, after losing 0.5 percent Friday.
Philex Mining Corp. surged 2.7 percent at a record-high 7.60 pesos amid a rise in gold and metals prices.
International Container Terminal Services Inc. jumped 4.6 percent at 34.50 pesos, after announcing Friday the company's overseas unit bagged a contract to develop and operate a container terminal and ferry and dry bulk handling facility in Georgia's Batumi port.
Property developer Ayala Land Inc. advanced 1.7 percent at 15.25 pesos on expectation that the Philippine central bank will cut interest rates during its Oct. 4 meeting, following a similar move by the U.S. Federal Reserve.
Gainers outnumbered losers 66 to 45, while 54 stocks were unchanged.
The peso rose to a two-month high versus the U.S. dollar. Remittances of Filipino workers overseas compounded the general weakness of the greenback. The dollar ended at 45.155, down from 45.31 Friday.
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