Bloomberg News

Philippine Stocks: Alliance, A. Soriano, Philippine National

October 12, 2011

Oct. 12 (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 0.3 percent to 4,119.71. The measure advanced for a fifth day, the longest stretch of gains since Aug. 16.

Alliance Global Group Inc. (AGI PM), owner of Manila’s largest casino, climbed 2.1 percent to 9.70 pesos, the highest close since Sept. 22. The stock was rated “buy” in initial coverage by Citigroup Inc. The brokerage has a 12-month share- price estimate of 12 pesos.

A. Soriano Corp. (ANS PM) advanced 2.9 percent to 3.25 pesos, the highest close since Sept. 29. The company said it will pay a dividend of 12 centavos a share.

Philippine National Bank (PNB PM), owned by airline and tobacco tycoon Lucio Tan, increased 6.9 percent to 51.80 pesos, the highest close since Sept. 5. Allied Banking Corp. said it began the process of selling its stake in U.S. lender Oceanic Bank, a regulatory requirement that paves the way for a merger of Philippine National and Allied Bank.

--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: Shiyin Chen at schen37@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus