Philippine Equity Movers: Aboitiz Equity Ventures, PAL Holdings

Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of 10:58 a.m. local time.

The Philippine Stock Exchange Index rose 11.53 points, or 0.3 percent, to 4,301.70.

Aboitiz Equity Ventures Inc. (AEV) rose 1.8 percent to 39.90 pesos, its biggest gain in two weeks, after the Philippine investment holding company bought an additional 1.95 million shares in unit Union Bank of the Philippines (UBP PM). Union Bank fell 1.2 percent to 60 pesos.

PAL Holdings Inc. (PAL) rose 3.3 percent to 6.30 pesos after Philippine Daily Inquirer reported that businessman Manuel Pangilinan may be a “white knight” for Philippine Airlines Inc., a unit of PAL Holdings.

Pangilinan and Philippine Airlines President Jaime Bautista didn’t reply to questions seeking comments on the report.

To contact the reporter on this story: Cecilia Yap in Manila at cyap19@bloomberg.net

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

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