The Philippine Stock Exchange Index (PCOMP) rose 1.9 percent to 4,645.86, a record close.
Banks: Philippine National Bank (PNB) gained 2.6 percent to 62.70 pesos, the highest close since July 8. Metropolitan Bank & Trust Co. (MBT PM), the nation’s second-biggest bank, rose 1.6 percent to 76.70 pesos, the highest since Aug. 4.
The nation’s central bank said commercial bank loans net of overnight placements with the monetary authority grew 22.5 percent in November from a year earlier.
San Miguel Corp. (SMC) , the nation’s largest food and drinks company, added 1.5 percent to 121 pesos, the most since Nov. 16. San Miguel and Indonesia’s Citra Group have agreed to buy controlling stakes in investors of the South Luzon Expressway Project, San Miguel said in a statement to the stock exchange today.
Semirara Mining Corp. (SCC) , the nation’s biggest coal producer, dropped 1.5 percent to 226 pesos, the steepest loss since Nov. 28. The stock’s rating was cut to “hold” from “buy” with a 12-month share-price target of 220 pesos by Klyne Resullar, an analyst at Deutsche Bank AG.
Vista Land & Lifescapes Inc. (VLL PM), a property developer, advanced 3.4 percent to 3.06 pesos, the highest close since Sept. 22. A road project south of Manila will boost the value of the company’s property holdings around the area, said Richard Laneda, an analyst at CitisecOnline.com Inc.
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