Bloomberg News

Philippine Stocks: Alliance, Bank of the Philippine, Bloomberry

May 02, 2012

Shares of the following companies had unusual moves in Philippine (PASHR) trading. Stock symbols are in parentheses and prices are as of the close in Manila.

The Philippine Stock Exchange Index (PCOMP) climbed 0.5 percent to 5,228.84, a record close. The market was closed yesterday for a public holiday.

Alliance Global Group Inc. (AGI) rose 5.2 percent to 13 pesos, the most since March 15. Travellers International Hotel Group, a joint venture between Alliance and Genting Hong Kong Ltd., said it expects visitors at its Resorts World Manila to rise to as many as 25,000 a day this year from between 18,000 to 20,000, helped by the opening of its budget hotel.

Bank of the Philippine Islands (BPI PM), the nation’s third-largest bank by assets, gained 1.7 percent to 74.95 pesos. The company said first-quarter net income doubled to 5.8 billion pesos ($137.5 million) from 2.85 billion pesos a year earlier. The bank has a “very positive” outlook for 2012 and is keeping its loan-growth forecast of 12 percent to 15 percent, President Aurelio Montinola said.

Bloomberry Resorts Corp. (BLOOM) , which is building a casino in the Philippine capital, sank 25 percent to 9.01 pesos, the sharpest drop since Nov. 25, after it sold shares at a discount. Bloomberry expects to raise about $210 million from the stock offer consisting of 1.18 billion shares at 7.50 pesos each, it said in a disclosure today.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

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


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