Bloomberg News

Philippine Stocks Movers: Globe, IPVG, Philippine Telephone

January 02, 2012

Jan. 2 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are at the noon trading break in Manila.

The Philippine Stock Exchange Index rose 0.1 percent to 4,377.56. The nation’s financial markets were shut for a holiday on Dec. 30.

IPVG Corp. (IP PM) jumped 7.3 percent to 1.32 pesos, set for the sharpest gain since Nov. 24. The company’s board authorized its management to sign a guarantee agreement with Trade and Investment Development Corp. for as much as 200 million pesos ($4.57 million), a stock-exchange filing showed.

Philippine Long Distance Telephone Co. (TEL PM), the nation’s biggest phone company, advanced 1.3 percent to 2,576 pesos, heading for the sharpest gain since Dec. 20. Globe Telecom Inc. (GLO PM), a rival of Philippine Long Distance, declined 4 percent to 1,088 pesos, set for the biggest loss since Nov. 29.

Philippine Telephone will complete an upgrade of its network one year ahead of schedule, BusinessWorld reported, citing President Napoleon Nazareno.

--Editor: Matthew Oakley

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


Steve Ballmer, Power Forward
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus