Philippine Stocks: LMG Chemicals, Metrobank, SM Development
The Philippine Stock Exchange Index (PCOMP) rose 2.3 percent to a record 4,822.08.
Banks: Metropolitan Bank & Trust Co. (MBT PM), the nation’s second-biggest lender by assets, added 2.7 percent to 81 pesos, the highest close since April 1997. Rizal Commercial Banking Corp. (RCB) climbed 4.6 percent to 31.90 pesos, the sharpest gain since Sept. 28. BDO Unibank Inc. (BDO) , the nation’s biggest bank, increased 1.7 percent to 61.45 pesos, the highest close since Jan. 11.
“There’s strong anticipation that banks will report blowout earnings following the better-than-expected numbers” reported by Security Bank Corp. and Bank of the Philippine Islands, according to Alex Pomento, strategist at Macquarie Group Ltd.’s Manila unit. Metrobank President Arthur Ty, BDO Unibank President Nestor Tan and Rizal Bank President Lorenzo Tan couldn’t be reached at their offices for comment.
LMG Chemicals Corp. (LMG) sank 10 percent to 7.20 pesos, snapping a seven-day advance that saw the shares surge fivefold. Parent company Chemical Industries of the Philippines (CIP PM) said it has received offers to buy its shares in LMG Chemicals. The company also said there was “nothing definite” in these offers.
SM Development Corp. (SMDC) increased 4.3 percent to 7.32 pesos, the highest close since Dec. 1. The developer expects 5 billion pesos ($117 million) in sales from a 50-storey residential tower it’s constructing in Manila, Philippine Star reported, citing Vice President Jose Gabionza.
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