Philippine Stocks: Ayala, PLDT, Philippine National Bank

Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as at the close in Manila, unless stated otherwise.

The Philippine Stock Exchange Index fell 1.2 percent to 4,210.25, the lowest close since Oct. 24.

Ayala Corp. (AC) lost 3.4 percent to 285 pesos. the lowest close since Oct. 6. The owner of the country’s largest builder said it may bid for a contract to operate an airport in Cagayan de Oro.

Philippine Long Distance Telephone Co. (TEL) dropped 1.4 percent to 2,332 pesos. The nation’s largest phone company lowered its core net-income forecast this year to 39 billion pesos ($909 million) from 40.5 billion pesos, Chairman Manuel Pangilinan said in a statement today. The company said third- quarter net income fell 10 percent to 9.32 billion pesos.

Philippine National Bank (PNB) increased 3.9 percent to 55 pesos, the biggest gain since Oct. 14, after the company owned by airline and tobacco tycoon Lucio Tan said a plan to merge with Allied Banking Corp. can now proceed.

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

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

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