The Philippine Stock Exchange Index rose for a sixth day, adding less than 0.1 percent to 4,372.24, the highest close since Sept. 2. The gauge added 1.6 percent this week, heading for a 4.1 percent yearly advance.
Construction-related stocks: Holcim Philippines Inc. (HLCM PM), the nation’s biggest cement producer, climbed 6.4 percent to 9.10 pesos, the sharpest gain since June 30, on expectations government spending on construction will increase after the National Economic Development Authority approved 14.4 billion pesos ($331.2 million) worth of projects. DMCI Holdings Inc. (DMC) , the country’s biggest construction company, increased 3.5 percent to 41.50 pesos, the highest close since Sept. 2.
Philippine (PASHR) Estates Corp. (PHES PM) jumped 18 percent to 23.5 centavos, the highest close since June 26, 2009, while Wellex Industries Inc. (WIN) advanced 17 percent to 28 centavos, the highest close since Jan. 16, 2008.
The Philippine Daily Inquirer reported the companies are involved in talks for Ayala Land Inc. to develop a 60-hectare property in Manila, citing unidentified people. Wellex said in a stock-exchange filing that it’s not involved in the talks. Philippine Estates President Kenneth Gatchalian and Ayala Land President Antonino Aquino couldn’t be reached at their offices for comment.
SM Investments Corp. (SM) , the holding company of Philippine billionaire Henry Sy, advanced for a seventh day, climbing 2.2 percent to 585.50 pesos, the highest close since Nov. 3, 2010, after Chief Financial Officer Jose Sio told ABS- CBN News Channel that the group’s malls in China will post 20 percent sales growth this year. SM Prime Holdings Inc. (SMPH), a company unit that owns the malls, increased 0.9 percent to 13.52 pesos, a record close.
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