Philippine Stocks: Bank of Communications, ISM, Philex Mining

Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of 10:40 a.m. in Manila.

The Philippine Stock Exchange Index fell 3.16, or 0.1 percent, to 4,242.12.

ISM Communications Corp. (ISM) increased 3.3 percent to 4.02 pesos. The company was selected by shareholders of Philippine Bank of Communications (PBC) to become the bank’s major strategic third-party investor, a stock exchange filing showed. The investment is subject to regulatory approvals. PBCom, as the bank is called, increased 5.2 percent to 71.50 pesos, heading for the sharpest gain since June 7.

Philex Mining Corp. (PX) , the nation’s biggest metals producer, advanced 4 percent to 20.80 pesos, set for the highest close since June 6, after Philippine Star reported that its Silangan prospect has at least $22 billion in gold and copper reserve, citing an estimate by mining consultant SRK Perth. Chairman Manuel Pangilinan couldn’t be reached for comment in his office.

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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