Manila Electric, Metro, Semirara: 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 rose 1 percent to 3,913.98.
Digital Telecommunications Philippines Inc. (DGTL PM): Philippine Long Distance Telephone Co. (TEL) Chairman Manuel Pangilinan wouldn’t comment when asked by reporters whether it will make an offer to buy smaller rival Digital Telecom. Digital surged 18 percent to 1.83 pesos. JG Summit Holdings Inc. (JGS) , parent of Digital, climbed 8.2 percent to 24.50 pesos.
Manila Electric Co. (MER) : The largest Philippine power retailer is in talks with Semirara Mining Corp. (SCC) for a possible electricity generation venture, Manila Electric President Manuel Pangilinan said yesterday. Manila Electric gained 3.8 percent to 258 pesos. Semirara rose 2.3 percent to 227 pesos.
Metro Pacific Investments Corp. (MPI) : The company’s profit and sales in the first two months of 2011 are “ahead” compared to a year earlier, Chairman Manuel Pangilinan said. The pace of growth has slowed, he said. The stock climbed 3.7 percent to 3.37 pesos.
Philippine Long Distance Telephone Co. (TEL PM) Revenue at the nation’s biggest company is “slightly down” in the first two months while its net income is “up” compared with a year earlier, Chairman Manuel Pangilinan said. The stock rose 0.6 percent to 2,036 pesos.
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