Bloomberg News

Philippine Stock Movers: First Gen Corp., SM Prime Holdings

January 31, 2012

Jan. 31 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon break in Manila.

The Philippine Stock Exchange Index rose 0.5 percent to 4,669.44. The measure is bound for a 6.8 percent gain in January, the sharpest monthly advance since October.

First Gen Corp. (FGEN PM), owner of the Philippines’ largest geothermal company, climbed 3.1 percent to 13.40 pesos, rebounding from the steepest loss in almost three years that sent the stock yesterday to the lowest in more than four months.

The shares’ 14-day relative strength index sank to 25 yesterday, the lowest since September 2008, below the 30-level that some traders use as a signal to buy.

SM Prime Holdings Inc. (SMPH PM), the nation’s largest shopping mall operator, advanced 5.9 percent to 16.20 pesos, bound for a record close. CitisecOnline.com analyst Richard Laneda reiterated a “buy” rating on shares of the shopping- mall developer, with a 20-peso price target.

--With assistance from Weiyi Lim in Singapore. Editor: Chan Tien Hin

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


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