The Philippine Stock Exchange Index increased 82.98, or 2 percent, to 4,203.60 at the 12 p.m. close in Manila. It’s the measure’s sharpest gain since Sept. 9, which advanced 3.1 percent this week.
Ayala Land Inc. (ALI PM), the nation’s biggest developer, climbed 2.2 percent to 16.14 pesos, its first gain in nine trading days. The builder will invest 1 billion pesos ($23 million) for its first high-end residential tower project in the central Philippines, BusinessWorld reported, citing Jose Jugo, a senior manager. President Antonino Aquino couldn’t be reached in his office for comment.
Cebu Air Inc. (CEB PM), the second-largest Philippine carrier, rose 2.8 percent to 129 pesos, the highest since Oct. 27. The stock was rated “buy” with a 158 peso 12-month share price estimate by Michelle Foong, an analyst at Deutsche Bank AG.
Megaworld Corp. (MEG PM), the second-largest Philippine builder, gained 3.2 percent to 2.62 pesos, the sharpest advance since Nov. 2. The stock’s 12-month share price estimate was increased 6.8 percent to 3.32 pesos with an “outperform” rating by Haj Narvaez, an analyst at Credit Suisse Group AG.
Petron Corp. (PCOR PM), the nation’s biggest oil refiner, climbed 2.1 percent to 6.95 pesos, the steepest gain since Oct. 27, after the company obtained central bank approval to sell an additional $100 million of bonds to fund petroleum imports.
South China Resources Inc. (SOC PM), an oil and gas explorer, climbed 6.6 percent to 1.30 pesos, the sharpest advance since Oct. 1. The company said a venture it is a part of will start surveying a prospect in the Sulu Sea.
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