Philippine Stocks: Alliance Global, EEI, Philex, Vista Land
The Philippine Stock Exchange Index increased 46.64, or 1.1 percent, to 4,223.12 at the 12 p.m. close in Manila. The measure climbed for a fourth day, the longest stretch of gains since a four-day rally through Nov. 4.
Alliance Global Group Inc. (AGI PM), part owner of the nation’s biggest casino, fell 2.5 percent to 12.64 pesos. The company said it was authorized by the board to sell shares it holds in treasury, expanding its shares available in the market. The stock climbed to 12.96 pesos on Dec. 3, a record based on prices dating back to April 1999.
EEI Corp. (EEI PM), the second-biggest publicly traded Philippine construction company, rose for a fourth day, climbing 1.8 percent to 3.98 pesos in the longest winning streak since Sept. 14. Al Rushaid Construction Co., a subsidiary of EEI, was selected for a $200 million contract to provide construction services for Saudi Aramco Mobile Refinery Co.’s clean fuels project in Saudi Arabia, a stock exchange filing showed.
Philex Mining Corp. (PX PM), the nation’s biggest metals producer, jumped 6 percent to 14.78 pesos, the steepest gain since Sept. 20. The company will raise capital spending to 3 billion pesos ($68 million) in 2011 to develop a new mine, BusinessWorld reported, citing Chairman Manuel Pangilinan. President Ernesto Villaluna couldn’t be reached in his office for comment.
Phoenix Petroleum Philippines Inc. (PNX PM), a trader of petroleum products, rose 1.2 percent to 8.70 pesos, the highest since the stock began trading in July 2007. The company is looking for partners and may sell shares to fund a 1.5 billion- peso expansion in 2011, a stock exchange filing showed.
Vista Land & Lifescapes Inc. (VLL PM), a builder of homes, climbed 4 percent to 3.15 pesos, the sharpest gain since Nov. 15. The builder won approval from the Securities and Exchange Commission to lend and issue guarantees to subsidiaries and affiliates, a stock exchange filing showed. The developer also won approval to issue preferred shares, it said.
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