PHILIPPINE stocks rose after a four-day slump on the view the decline was excessive. Philippine Long Distance Telephone Co. (PLDT) and Ayala Land Inc. led the advance.

“We view such a correction as a buying opportunity,” said Kelly Lim-Bate, head of research at J.P. Morgan Securities Philippines Inc. She raised her 12-month target for the Philippine stock measure to 4,400 compared with 3,500 earlier this year.

First Gen Corp. climbed after Macquarie Securities Ltd. rated the stock “outperform” in new coverage. Metropolitan Bank & Trust Co. (Metrobank) advanced after it sold 12 branches to unit Philippine Savings Bank.

The Philippine Stock Exchange index added 44.37, or 1.3 percent, to 3,571.10 at the close, rallying from a four-day, 2.7-percent slide. The stock market was closed Monday for a holiday.

PLDT, the nation’s largest company by market value, jumped P60, or 2.3 percent, to P2,660, its highest since January 25. Ayala Land, the nation’s largest property developer, climbed 25 centavos, or 1.5 percent, to P17.

The measure’s four-day slump last week, the longest losing streak in almost eight months, came after stocks closed at a record on June 4. Tuesday’s climb brings the measure 52 points away from its record close.

“Last week’s four-day slide made values attractive, prompting investors to search for bargains,” said Ron Rodrigo, head of research at Unicapital Inc.

Investors should “overweight” property developers and banks as a stronger peso will boost real estate assets and lower interest rates will increase demand for loans, Lim-Bate said. She also recommended energy companies.

Megaworld, the nation’s second-largest property developer by market value, surged 25 centavos, or 6.5 percent, to P4.10, its biggest gain in two months.

Manila Electric Co.’s (Meralco) Class B shares, equity that has no ownership restrictions in the nation’s largest power retailer, gained P1, or 1.1 percent, to P95. That’s the first gain in six days.

“We are also positive on utilities, which we see as a key beneficiary of the government’s power reform program,” Lim-Bate said. The government is selling power plants and its network of high-voltage wires to draw more investors to develop the energy industry.

First Gen, the nation’s largest publicly traded power producer, climbed P1.50, or 2.4 percent, to P64. The stock may climb to P77 in the next 12 months on expectations that faster economic growth will boost demand for energy, Dante Tinga, Manila-based analyst at Macquarie, said in a report dated Monday.

Metrobank, the nation’s largest lender by assets, advanced P3.50, or 5.5 percent, to P67, snapping a four-day, 7.3 percent slide. Philippine Savings Bank, which didn’t disclose the amount it paid for the branches, fell 50 centavos, or 0.8 percent, to P63.50, its first decline in five days.

Shares worth P5.28 billion were traded, 12-percent more than the six-month daily average. Gainers beat losers 72 to 38, with 55 stocks unchanged in the broader market.

VISTA Land & Lifescapes Inc., the newly incorporated property holding firm of the MB Villar Group, would list its shares by way of introduction at the Philippine Stock Exchange (PSE) on June 25.

RP stocks advance after 4-day slide

PHILIPPINE stocks rose after a four-day slump on the view the decline was excessive. Philippine Long Distance Telephone Co. (PLDT) and Ayala Land Inc. led the advance.

AIR Philippines Corp., the budget airline of Lucio Tan, has ordered three Bombardier Q300 turbo-prop aircraft with a list price of $56 million.

TO better serve the hundreds of Overseas Filipino Workers (OFWs) in terms of giving them a fast and efficient money remittance channel to relatives here in the Philippines, state-owned Land Bank of the Philippines introduced the LandBank Cash Card.

Republic Act 8799, otherwise known as the Securities Regulation Code (SRC), was enacted in July 2000 to express three essential objectives, specifically: to protect of the investing public; to guarantee or ensure that markets are fair, efficient and transparent; and to minimize systemic risks in the world market.