Bloomberg News

Philippine Stocks: Belle, Filinvest Land, Philippine Telephone

December 07, 2011

Dec. 7 (Bloomberg) -- Shares of the following companies may have unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close of trading in Manila.

The Philippine Stock Exchange Index rose 0.8 percent to 4,315.17, the highest close since Nov. 17.

Gaming stocks: Belle Corp. (BEL PM), which is building a casino in Manila, advanced 5.6 percent to 4.53 pesos, the highest close since Sept. 1. Leisure & Resorts World Corp. (LR PM), which will operate Belle’s casino, gained 2 percent to 9.26 pesos, the steepest climb since Nov. 17.

The Philippines has the potential to become a gaming hub in Asia Pacific and grow its market to $1.2 billion by 2015, from about $618 million this year, with the opening of more casinos, the Philippine Daily Inquirer said, citing a PricewaterhouseCoopers report. Marcel Fenez, Asia Pacific leader of global entertainment and media at PricewaterhouseCoopers, wasn’t available for comment.

Filinvest Land Inc. (FLI PM), a builder of homes, increased 1.9 percent to 1.08 pesos, the sharpest gain since Nov. 8. The developer said it’s expanding its portfolio of offices for call centers and other providers of outsourced business services.

Philippine Long Distance Telephone Co. (TEL PM), the nation’s biggest company by market value, rose 2.7 percent to 2,480 pesos, the highest since close since May 10. The company will meet its 2012 profit goal, Chairman Manuel Pangilinan said today.

Premiere Entertainment Philippines Inc. (PEP PM) rose 1.8 percent to 29 centavos, after sliding 5 percent yesterday. The company plans to venture into mining and property development, BusinessWorld reported, citing Maricel Baltazar, the company’s legal counsel. Baltazar couldn’t be reached in her 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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