Bloomberg News

Philippine Stocks: Ayala Land, Pepsi-Cola Philippines, Philex

February 21, 2012

Feb. 21 (Bloomberg) -- Shares of the following companies had 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 fell 0.9 percent to 4,900.94, after climbing yesterday to a record.

Ayala Land Inc. (ALI PM), the nation’s largest builder, fell 3.7 percent to 20.70 pesos, the largest loss since Jan. 26, after closing at a record yesterday. The stock’s rating was cut to “hold” from “buy” by Richard Laneda, analyst at CitisecOnline.com. Citisec’s 12-month share-price estimate for Ayala Land is 21.65 pesos, Laneda said.

Pepsi-Cola Products Philippines Inc. (PIP PM) increased 1.6 percent to 2.48 pesos, the highest close since July 8. The soft- drinks maker has started a 500 million-peso ($11.7 million) project to expand the capacity of its plant in Cagayan de Oro to boost its market share in the southern Philippines, BusinessMirror reported, citing Virgilio Salvador, general manager at the company’s provincial unit. President Partha Chakrabarti couldn’t be reached at his office for comment.

Philex Mining Corp. (PX PM), the nation’s largest metals producer, declined 1.7 percent to 20.50 pesos, the lowest close since Sept. 29. The government may suspend approval of an environmental compliance certificate for a copper and gold project while reviewing a policy on minerals development, the Philippine Star reported, citing Chairman Manuel Pangilinan. Pangilinan couldn’t be reached in his office for comment.

--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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