BPI, GMA, PAL Holdings, San Miguel: Philippine Stocks Preview
The Philippine Stock Exchange Index decreased 0.6 percent to 4,197.92 at the 12 p.m. close in Manila.
Bank of the Philippine Islands (BPI PM): The nation’s third-largest bank by assets expects profit to top 9.5 billion pesos ($217 million) this year and estimates loans to grow between 10 percent and 15 percent, President Aurelio Montinola said. BPI, as the stock is also called, was unchanged at 60 pesos.
GMA Network Inc. (GMA7 PM): Chairman Felipe Gozon bought 620,000 depositary shares of the company, a stock exchange filing showed. The stock fell 0.7 percent to 6.95 pesos. GMA’s depositary receipts (GMAP PM) decreased 0.4 percent to 6.97 pesos.
PAL Holdings Inc. (PAL PM): The airline’s ground crew labor union said yesterday its members are voting “overwhelmingly” to go on strike. PAL, owner of Philippine Airlines, declined 4.8 percent to 4 pesos.
San Miguel Corp. (SMC PM): The largest Philippine food and drinks company will list 873.17 million of preferred shares today, the stock exchange said yesterday. San Miguel’s common shares rose 0.1 percent to 122 pesos.
San Miguel Pure Foods Co. (PF PM): The largest Philippine- maker of hotdogs said its board approved the public offering of up to 25 million preferred shares. The stock was unchanged at 780 pesos when the shares previously traded on Dec. 1.
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