Bloomberg News

Philippine Equity Movers: China Bank, Petron, Philex, SM Prime

October 13, 2011

Oct. 13 (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 0.4 percent to 4,134.48. The measure advanced for a sixth day, the longest stretch of gains since July 20.

Banks: Philippine National Bank (PNB PM) rose 3 percent to 53.35 pesos, the highest close since Sept. 2. It’s the biggest percentage gainer in the Philippine Stock Exchange Finance Index. China Banking Corp. (CHIB PM) added 1.1 percent to 384 pesos. The nation’s banks are set for “multi-year” earnings gains, boosted by a favorable macroeconomic environment, said Gilbert Lopez, an analyst at JPMorgan Chase & Co.

Petron Corp. (PCOR PM), the nation’s largest oil refiner, dropped 3.2 percent to 14.50 pesos, the sharpest loss since Oct. 3. The company said it’s open to selling oil refinery assets to the government to help the nation develop programs for the energy industry.

Philex Mining Corp. (PX PM), the nation’s biggest metals producer, advanced 1.5 percent to 23.55 pesos, the highest close since Sept. 21. The company said its Silangan gold and copper project’s registration has been approved by the Board of Investment, qualifying the venture for tax breaks.

SM Investments Corp. (SM PM), owner of the nation’s largest retailer, increased 2.4 percent to 522.50 pesos, the highest close since Sept. 20. Japan’s Fast Retailing Co. will form a venture with SM Investments to open Uniqlo clothing stores in the Philippines, a filing with the Tokyo Stock Exchange showed. SM Prime Holdings Inc. (SMPH PM), the nation’s largest shopping mall operator and home to SM’s retail shops, climbed 3 percent to 12.56 pesos, a seventh day of gains.

--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


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