Philippine Stocks: Manila Electric, Philippine Long Distance
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index rose 0.9 percent to 4,257.15, snapping a four-day loss.
Manila Electric Co. (MER) , the nation’s largest power retailer, rose 5.3 percent to 248.60 pesos, its biggest percentage gain since April 25, after reporting first-quarter profit rose 6 percent to 2.1 billion pesos ($49 million) due to higher electricity prices. San Miguel Corp. (SMC) , an investor in Manila Electric, advanced 6.5 percent to 116.60 pesos.
Philippine Long Distance Telephone Co. (TEL) , the country’s most valuable company by market value, gained 2.5 percent to 2,406 pesos. The shares rose the most in two weeks before the release of the first-quarter financial report tomorrow. Chairman Manuel Pangilinan said on May 5 profit in the January to March period was “slightly better” than a year earlier.
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