Bloomberg News

Philippine Stocks: Alliance, Cebu Air, Nickel Asia, PAL Holdings

October 19, 2011

Oct. 19 (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 0.9 percent to 4,193.55.

Alliance Global Group Inc. (AGI PM), owner of the largest casino in Manila, gained 2.4 percent to 10.12 pesos, the highest close since Sept. 20. The stock was named among Citigroup Inc.’s top five share picks in the Philippines.

Cebu Air Inc. (CEB PM), the largest Philippine budget carrier, climbed 2.8 percent to 76 pesos, the highest close since Sept. 22. The company said it flew almost 2.8 million passengers in the third quarter, keeping it on track to reach its target of 12 million for this year.

International Container Terminal Services Inc. (ICT PM), the largest port operator, climbed 2.5 percent to 53.50 pesos, the highest close since Sept. 2. The company said it received approval to increase some tariffs for foreign container handling services at South Harbor and Manila International Container Terminal.

IP E-Game Ventures Inc. (EG PM) climbed 1.5 percent to 26.50 pesos, the first gain in four days, after the company said it signed an agreement to be the sole Philippine distributor for Blizzard Entertainment International, developer of computer games including World of Warcraft and Diablo.

Nickel Asia Corp. (NIKL PM), the largest Philippine producer of the metal, increased for a third day, advancing 1 percent to 18.98 pesos, the highest close since Sept. 21. The company will meet its target of producing 10 million metric tons of nickel ore this year even after rebels attacked its mine early this month, President Gerard Brimo said.

PAL Holdings Inc. (PAL PM) increased 1.2 percent to 6.90 pesos, snapping a two-day loss. Philippine Airlines Inc., the nation’s largest carrier and a unit of the company, will resume normal operations on or before the third week of November, Philippine Daily Inquirer reported, citing PAL Holdings Director Michael Tan. PAL Holdings President Jaime Bautista couldn’t be reached at his office for comment.

--Editor: Matthew Oakley

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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