Bloomberg News

Philippine Stocks: Aboitiz, Ayala, Megaworld, SM Development

October 06, 2011

Oct. 6 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.

The Philippine Stock Exchange Index increased 1.8 percent to 3,890.52, its first gain in four days.

Builders: Megaworld Corp. (MEG PM), a builder of offices for call centers, snapped three days of losses, advancing 3.9 percent to 1.60 pesos after the Philippine Daily Inquirer reported that office rental rates in Manila rose in the second quarter. Ayala Land Inc. (ALI PM), the nation’s largest developer, climbed 1.9 percent to 14.32 pesos, the highest close this week. Filinvest Land Inc. (FLI PM) rose 3.8 percent to 1.09 pesos, the sharpest gain since Sept. 28.

The increase in office rentals was driven by demand from providers of outsourced business services, the Inquirer reported, citing Rick Santos, chief executive at CB Richard Ellis Philippines. Santos couldn’t be reached in his office for comment.

Aboitiz Power Corp. (AP PM) climbed for a third day, rising 1.1 percent to 28.30 pesos, the highest close this week. AP Renewables Inc., a unit of the company, signed a 10-year contract to provide electricity to a province in the southern Philippines, the Philippine Star reported, citing Miguel Aboitiz, vice president at AP Renewables. Aboitiz couldn’t be reached at his office for comment.

International Container Terminal Services Inc. (ICT PM), the largest Philippine port operator, rose 1.6 percent to 46.65 pesos, ending a three-day slump. ICTSI Warehousing Inc., a unit of International Container, acquired two million shares of the company in the open market, a stock exchange filing showed.

SM Development Corp. (SMDC PM) climbed 3.3 percent to 7.43 pesos, the highest close since Sept. 23. The stock advanced for a third day, its longest winning streak in a month. The company is set to reach its target of selling between 11,000 to 12,000 housing units this year, BusinessWorld reported, citing Vice President Jose Gabionza. Gabionza couldn’t be reached in his office for comment.

--Editor: Shiyin Chen

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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