The Philippine Stock Exchange Index (PCOMP) gained 1.2 percent to 4,816.33.
Banks: Bank of the Philippine Islands (BPI PM) climbed 3.6 percent to 66.80 pesos, the highest close based on prices going back to January 1990. Security Bank Corp. (SECB) increased 6.4 percent to 121.30 pesos, also a record. Metropolitan Bank & Trust Co. (MBT PM) climbed 5.1 percent to 84.50 pesos, the highest close since March 1997.
The Philippines will cut banks’ reserve requirement ratio by three percentage points starting April as new rules covering reserve funds take effect, the central bank said in an e-mailed statement Feb. 3.
Active Alliance Inc. (AAI) jumped 16 percent to 49.50 pesos, the sharpest gain since Jan. 5. The stock was suspended from trading today after the company said it will raise funds in a 9.21 billion-peso ($216 million) share sale to boost its capital and finance the purchase of a hotel and casino venture for 5.87 billion pesos.
Ayala Corp. (AC) gained 2.9 percent to 390 pesos, the highest close since Dec. 28, 2007. The company plans to bid for $1.15 billion worth of projects under the government’s so-called public-private partnership program, the Philippine Daily Inquirer reported, citing Managing Director Eric Francia. Francia couldn’t be reached at his office for comment.
First Gen Corp. (FGEN) increased 1.5 percent to 13.18 pesos, the sharpest gain since Dec. 29, after its unit Energy Development Corp. (EDC) said it acquired a 70 percent stake in four projects in Chile and Peru. Energy Development rose 2 percent to 5.75 pesos, the steepest advance since Dec. 16.
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