Ayala Land, Banco de Oro, iPeople: Philippine Stocks Preview
Shares of the following companies may have unusual moves in Philippine trading. Stock symbols are in parentheses, and prices are as of the previous close, unless stated otherwise.
The Philippine Stock Exchange Index fell 0.4 percent to 3,841.54.
Banks, Builders: The Philippine central bank increased borrowing costs for the first time since August 2008, raising the rate it pays lenders for overnight deposits to 4.25 percent from a record-low 4 percent, according to a statement released by the monetary authority yesterday. Banco de Oro Unibank Inc. (BDO) , the nation’s biggest bank, fell 0.3 percent to 49.85 pesos. Ayala Land Inc. (ALI) , the biggest developer, gained 0.1 percent to 15 pesos.
Basic Energy Corp. (BSC) : The company said in a stock exchange filing that it hired Filtech Energy Drilling Corp. to make a pre-feasibility study for a 20-megawatt geothermal energy in Mabini, Batangas, a province south of Manila. The stock rose 1.3 percent to 16 centavos when it last traded on March 23.
Cebu Air Inc. (CEB) : AirAsia Bhd.’s Philippine unit said it chose Clark airport in Pampanga, a province north of capital Manila, as its hub and plans to start operations in the fourth quarter. The company will offer flights to Singapore, Hong Kong, Taiwan, China, Thailand, Korea and Japan, it said in an e-mailed statement. Cebu Air, the largest Philippine budget carrier, fell 0.2 percent to 86.15 pesos.
iPeople Inc. (IPO) : The Philippine company that invests in schools will pay 6 centavos a share in dividend, a stock exchange filing showed. It’s the company’s highest dividend payment since December 2006, according to data compiled by Bloomberg News. The stock fell 6.2 percent to 3.80 pesos. House of Investments Inc. (HI) , which owns the company, increased 13 percent to 3.50 pesos when the shares last traded on March 21.
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