Bloomberg News

Philippine Stocks: Ayala Corp., Ayala Land, Robinsons Land

December 16, 2011

Dec. 16 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of 10:41 a.m. in Manila.

The Philippine Stock Exchange Index rose 0.3 percent to 4,295.91. The measure has gained 0.1 percent this week and is up 2.2 percent gain this year.

Ayala Land Inc. (ALI PM), the nation’s largest developer, increased 1.3 percent to 15.40 pesos, bound for the sharpest advance since Dec. 1, after parent Ayala Corp. (AC PM) said the developer’s residential and commercial ventures will benefit from a toll-road venture. Ayala Corp. climbed for a third day, gaining 1 percent to 300 pesos, set for the highest close since Oct. 28.

Manila-based Ayala Corp. said yesterday that a government contract to build and operate a four-kilometer toll road south of Manila will improve access to Ayala Land’s residential and commercial development near the area.

Robinsons Land Corp. (RLC PM), the nation’s second-largest shopping mall operator, decreased 1.7 percent to 11.66 pesos, heading for the sharpest loss since Dec. 2, after JPMorgan Chase & Co. analysts forecast slower earnings growth on weaker sales.

“We have factored in a slowdown in the residential segment,” the analysts wrote in a report dated yesterday. Still, JPMorgan maintains an “overweight” rating on the stock, with a price target of 15.95 pesos.

--Editor: Richard Frost

To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net

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


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus