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 increased 1.51 points, or less than 0.1 percent, to 3,877.63, after falling as much as 1.6 percent earlier. The measure is heading for a 9.6 percent loss this quarter, the biggest decline since the three months ended December 2008.
Infrastructure-related companies: Metro Pacific Investments Corp. (MPI) , which has expressed interest in bidding for government projects, jumped 4.2 percent to 2.73 pesos, the sharpest gain since Sept. 16. DMCI Holdings Corp. (DMC PM), the nation’s largest construction company, rose 1.6 percent to 34.30 pesos, the highest since Sept. 22.
Finance Undersecretary Gil Beltran said the government plans to hasten spending, boosting speculation state infrastructure projects will be accelerated.
Miners: Apex Mining Co. Class-A shares (APX PM), which are reserved for Filipinos, sank 6.9 percent to 3.26 pesos after gold dropped yesterday and copper slumped. NiHAO Mineral Resources International Inc. (NI) , which plans to form a venture with Glencore International AG, lost 2.3 percent to 3.38 pesos.
Metropolitan Bank & Trust (MBT) Co, the nation’s second-largest bank by assets, increased 4 percent to 64.50 pesos, the sharpest gain since Aug. 10. First Metro Investment Corp., a unit of Metropolitan Bank, said it signed an agreement with Mitsui & Co. to “enhance” distribution of Toyota vehicles in the Philippines.
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