Philippine Stocks: Aboitiz, PetroEnergy, SM Development, Vista
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 fell less than 0.1 percent to 4,290.17, trimming this week’s loss to 1.3 percent, the biggest weekly decline since Aug. 12.
Aboitiz Equity Ventures Inc. (AEV) , which has investments in power plants, electricity retailers and banks, increased 1 percent to 39.20 pesos. The company said it boosted its stake in Union Bank of the Philippines (UBP PM), buying 5.72 million shares at 60.55 pesos each. Union Bank increased for a fourth day, climbing 0.3 percent to 60.70 pesos, the highest close since Aug. 24.
PetroEnergy Resources Corp. (PERC) gained for the first time in four days, advancing 3 percent to 6.25 pesos, the sharpest gain since Sept. 7. Maibarara Geothermal Inc., a PetroEnergy venture, signed an electricity sales agreement with Trans-Asia Oil and Energy Development Corp., a stock-exchange filing showed.
SM Development Corp. (SMDC) , a Manila-based property company, climbed 4.1 percent to 8.90 pesos, the highest based close based on prices going back to 1992. The company will spend 2 billion pesos ($46.2 million) on a residential tower project that will start construction next month and is scheduled for completion in the fourth quarter of 2014, a stock-exchange filing said.
Vista Land & Lifescapes Inc. (VLL) climbed 6.7 percent to 3.20 pesos, the sharpest gain since March 1, after the developer said it bought back 13.55 million shares.
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