The Philippine Stock Exchange Index rose 0.5 percent to 4,304.94. The measure has gained 0.3 percent this week, heading for a third weekly advance. The gauge has climbed 2.5 percent this year.
Ayala Land Inc. (ALI) , the nation’s largest developer, increased 1.3 percent to 15.40 pesos, the sharpest advance since Dec. 1, after parent Ayala Corp. (AC PM) said the developer’s residential and commercial ventures will benefit from a toll- road venture. Ayala Corp. climbed for a third day, gaining 1.1 percent to 300.20 pesos, the highest close since Oct. 28.
Manila-based Ayala Corp. (AC) said yesterday that a government contract to build and operate a four-kilometer toll road south of Manila will improve access to Ayala Land’s residential and commercial development near the area.
Energy Development Corp. (EDC PM), the nation’s largest power producer using geothermal energy, advanced 2.4 percent to 6.36 pesos, the highest close since Aug. 8, after PhilRatings maintained the highest credit rating for the geothermal company’s 12 billion pesos ($273 million) of bonds.
Robinsons Land Corp. (RLC) , the nation’s second-largest shopping mall operator, decreased 2.2 percent to 11.60 pesos, the sharpest loss since Nov. 3, after JPMorgan Chase & Co. analysts forecast slower earnings growth on weaker sales.
“We have factored in a slowdown in the residential segment,” the analysts wrote in a report dated yesterday. Still, JPMorgan maintains an “overweight” rating on the stock, with a price target of 15.95 pesos.
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