Bloomberg News

Philippine Stock Movers: Aboitiz Power, PAL Holdings, SM Prime

October 17, 2011

Oct. 17 (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 advanced 1.5 percent to 4,214.45, rising for an eighth straight day.

Property developers: The Philippines’ monetary policy settings are appropriate “for the moment,” central bank Governor Amando Tetangco said. The central bank can afford to be “more supportive of growth,” Tetangco said.

Ayala Corp. (AC PM), which owns the largest Philippine property developer, increased 3.4 percent to 302 pesos. SM Prime Holdings (SMPH PM), which develops and owns shopping malls, gained 2.2 percent to 12.90 pesos.

Aboitiz Power Corp. (AP PM), a hydroelectric power producer, climbed 0.8 percent to 29.95 pesos. The company and Manila Electric Co. are in talks with creditors to help fund the construction of a 600 megawatt power plant, Aboitiz Power President Erramon Aboitiz said.

PAL Holdings Inc. (PAL PM), the holding company of Philippine Airlines, fell 0.9 percent to 6.95 pesos. The carrier isn’t for sale, President Jaime Bautista told ABS-CBN News. Still, Bautista said the carrier will need equity from investors to grow, according to the report.

--Editor: Richard Frost

To contact the reporters on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net; Shiyin Chen in Singapore at schen37@bloomberg.net

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


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