Philippine Stocks: Alliance Global, Ayala, Fil-Estate Land
The Philippine Stock Exchange Index increased 46.97, or 1.2 percent, to 4,084.20 as of 10:15 a.m. in Manila, set for the steepest gain since Dec. 23.
The following companies are among the most active in Philippine trading. Stock symbols are in parentheses.
Alliance Global Group Inc. (AGI PM), owner of the second- largest developer, gained 2.7 percent to 11.50 pesos, set for the highest close this week. The company said it paid an initial 1.25 billion pesos ($28 million) for shares in Fil-Estate Land Inc. (LND PM). Fil-Estate, which controls more than 10 percent of land in the resort of Boracay, rose 3.9 percent to 1.60 pesos.
Ayala Corp. (AC PM), owner of the largest developer, climbed 2.6 percent to 390 pesos, the most since Dec. 9. The company bought back 10,000 shares in the open market yesterday, following the purchase of 31,000 shares on Jan. 11.
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