Philippine Stocks Movers: Globe Telecom, NiHAO, PAL Holdings
The Philippine Stock Exchange Index (PCOMP) gained 0.4 percent to 4,802.03.
Globe Telecom Inc. (GLO) , the nation’s second-biggest provider of mobile-phone services, increased 2.4 percent to 1,176 pesos, the sharpest gain since Jan. 19. The company said it will pay a divdend of 32.50 pesos per share, higher than last year’s payout. Ayala Corp. (AC) , Globe’s second-largest shareholder, rose 3.3 percent to 399 pesos, the highest close since December 2007.
NiHAO Mineral Resources International Inc. (NI) jumped 8.8 percent to 11.58 pesos, a record close based on prices going back to March 1996. The company said its board approved an agreement for the sale of 150 million shares to Macquarie Bank Ltd. for as much as $30 million. The stock has more than doubled this year.
PAL Holdings Inc. (PAL) , owner of Philippine Airlines Inc., advanced 3.3 percent to 7.95 pesos, the sharpest gain since Jan. 17. PAL Chairman Lucio Tan said there is a “negotiation” with San Miguel Corp. (SMC) President Ramon Ang for the sale of a stake in Philippine Airlines, the nation’s largest carrier.
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