Philippine Stocks: Alliance Global Group, Jollibee Foods
Stock Chart for Jollibee Foods Corp (JFC)
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of 10:03 a.m. in Manila.
The Philippine Stock Exchange Index fell 15.08, or 0.4 percent, to 4,270.08. The exchange said it suspended trading due to technical problem and will resume trading at 11:02 a.m.
Alliance Global Group Inc. (AGI) , which has investments property and casino, declined 1.4 percent to 11.26 pesos, bound for the lowest close since April 13. The stock’s share-price estimate was lowered to 13.69 pesos from 14.15 pesos by Dante Tinga, an analyst at Credit Suisse Group AG.
Jollibee Foods Corp. (JFC) , the Philippines’ largest restaurant operator, advanced 1.2 percent to 87.50 pesos, set for the highest close in a week. The company will spend $41 million on overseas expansion in the U.S., China and other countries as it looks beyond the domestic market for growth.
Manila-based Jollibee will spend $16 million to buy 20 Chowking Chinese restaurants in the U.S. from Fortune Food Service Co., and invest $25 million in a venture with Viet Thai International Joint Stock Co. in Vietnam, two separate stock exchange filings showed.
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