Philippine Stocks: Alliance Global Group, Jollibee Foods

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.

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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