The Philippine Stock Exchange Index (PCOMP) rose 1.3 percent to 4,541.60, the highest close since Aug. 1.
Banks: BDO Unibank Inc. (BDO PM), (BDO) the nation’s largest lender by assets, advanced 4.2 percent to 62 pesos, the highest close since Aug. 4. Metropolitan Bank & Trust Co. (MBT) gained 4.6 percent to 75 pesos, the highest close since Aug. 18.
Philippine lenders are well-capitalized and profitable, putting them in a strong position before the full implementation of the Basel III accord by 2014 that seeks to bolster the ability of financial institutions to manage risks, central bank Deputy Governor Nestor Espenilla said Jan. 6.
Puregold Price Club Inc. (PGOLD) (PGOLD PM) lost 0.6 percent to 17.90 pesos. The retailer was cut to “hold” from “buy” at Philippine Equity Partners Inc.
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