Philippine Stocks: Energy Development, GMA, Vulcan Industrial
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of 11:46 a.m. in Manila.
The Philippine Stock Exchange Index increased 28.20, or 0.7 percent, to 4,313.26. The measure is set for a 1 percent gain this week, its sixth weekly gain in seven weeks.
Energy Development Corp. (EDC) , the nation’s biggest electricity producer using geothermal energy, decreased 0.7 percent to 5.99 pesos, set for the lowest close since Oct. 26. The company said third-quarter profit decreased to 1.66 billion pesos ($38.3 million) from 2.10 billion pesos a year ago.
GMA Holdings Inc. (GMAP) , depositary receipts of GMA Network Inc. (GMA7), sank 1.9 percent to 6.38 pesos, set for the sharpest loss since Oct. 3. GMA Network (GMA PM), the second- largest Philippine broadcaster, will miss its 3 billion peso profit target and 2 billion pesos may be the “best” scenario for the year, Chief Financial Officer Felipe Yalong said. Nine- month net income fell 30 percent to 1.58 billion pesos after sales decreased 7 percent, the Manila-based company said in a statement.
Vulcan Industrial & Mining (VUL) Corp advanced 11 percent to 1.11 pesos, set for the highest close since Sept. 13. The stock climbed for a second day after China Trend Investment Ltd. signaled it will invest 700 million pesos in Vulcan. The stock climbed 11 percent yesterday after Vulcan said it received a letter from China Trend indicating its intention to invest directly in the company through a so-called private placement.
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