Bloomberg News

Philippine Stocks: LMG Chemicals, Metrobank, SM Development

February 02, 2012

Feb. 2 (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 in Manila.

The Philippine Stock Exchange Index rose 2.3 percent to a record 4,822.08.

Banks: Metropolitan Bank & Trust Co. (MBT PM), the nation’s second-biggest lender by assets, added 2.7 percent to 81 pesos, the highest close since April 1997. Rizal Commercial Banking Corp. (RCB PM) climbed 4.6 percent to 31.90 pesos, the sharpest gain since Sept. 28. BDO Unibank Inc. (BDO PM), the nation’s biggest bank, increased 1.7 percent to 61.45 pesos, the highest close since Jan. 11.

“There’s strong anticipation that banks will report blowout earnings following the better-than-expected numbers” reported by Security Bank Corp. and Bank of the Philippine Islands, according to Alex Pomento, strategist at Macquarie Group Ltd.’s Manila unit. Metrobank President Arthur Ty, BDO Unibank President Nestor Tan and Rizal Bank President Lorenzo Tan couldn’t be reached at their offices for comment.

LMG Chemicals Corp. (LMG PM) sank 10 percent to 7.20 pesos, snapping a seven-day advance that saw the shares surge fivefold. Parent company Chemical Industries of the Philippines (CIP PM) said it has received offers to buy its shares in LMG Chemicals. The company also said there was “nothing definite” in these offers.

SM Development Corp. (SMDC PM) increased 4.3 percent to 7.32 pesos, the highest close since Dec. 1. The developer expects 5 billion pesos ($117 million) in sales from a 50-storey residential tower it’s constructing in Manila, Philippine Star reported, citing Vice President Jose Gabionza.

--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


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