The Philippine Stock Exchange Index increased 1.2 percent to 4,002.88.
Ayala Land Inc. (ALI PM): The Philippines’ largest builder said it plans to sell as much as 10 billion pesos of notes due longer than five years through a private placement. The company also plans to swap up to 1.8 billion pesos of existing debt for the new notes, part of which will fund capital spending for 2011, it said in a statement. The stock advanced 3.4 percent to 16.04 pesos.
Banco de Oro Unibank Inc. (BDO PM): The nation’s biggest bank by assets will meet this year’s profit target and may borrow funds next year to boost capital, Chairwoman Teresita Sy said. The stock rose 4.6 percent to 56.50 pesos.
Belle Corp. (BEL PM): The Philippine builder said it signed a 5.6 billion pesos loan from Banco De Oro Unibank to fund a commercial, retail and hotel project in the capital. The stock declined 0.6 percent to 3.33 pesos.
SM Prime Holdings Inc. (SMPH PM): The biggest Philippine shopping mall operator’s stock rating was raised to “buy” from “hold” by Carl Sy, an analyst at Deutsche Bank AG, on expectations low interest rates and the shopping mall operator’s “aggressive expansion” in China and the Philippines will boost valuations. SM Prime’s 12-month share price estimate was increased to 12.66 pesos from 10.09 pesos, he said. The stock rose 11 percent to 11.08 pesos.
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