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 closed at a record for a fourth day, advancing 0.5 percent to 4,507.04.
Power producers: Semirara Mining Corp. (SCC) , the nation’s biggest coal producer and an owner of a power plant, advanced 1.8 percent to 233 pesos, the highest close since April 11, on speculation power supply shortages will drive up prices. DMCI Holdings Inc. (DMC) , which is building a power plant with Semirara in southern Luzon, gained 1.2 percent to 46.55 pesos, the highest level since May 16.
The nation’s main island of Luzon may experience electricity supply shortages next year, the Philippine Daily Inquirer reported, citing Energy Secretary Rene Almendras. The deficit may be as much as 400 megawatts if peak demand in Luzon rises to 7,900 megawatts in the summer of 2012, according to the report. Almendras couldn’t be reached in his office for comment. A power shortage brought about by drought pushed up power prices in the nation’s spot market last year.
PAL Holdings Inc. (PAL) decreased 2 percent to 4.90 peso, the steepest loss since June 21, after unit Philippine Airlines Inc., the nation’s largest carrier, said it “remains cautious in view of volatile fuel costs.”
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