The Philippine Stock Exchange Index (PCOMP) rose 2.4 percent to a record 4,880.71. The gauge climbed 2 percent this week, a third weekly advance.
Ayala Land Inc. (ALI) gained 6.8 percent to an all-time high of 20.50 pesos after the Philippines’s largest builder said it would spend about a quarter of this year’s record budget to expand its land holdings.
“We are expanding our landbank to areas north and east of Metro Manila,” Ayala Land President Antonino Aquino said in a mobile-phone message, confirming a BusinessMirror report. The company will spend 10 billion pesos ($234 million) for land purchases, Aquino said. The developer that built Manila’s Wall Street said on Feb. 15 it has set a budget of 37 billion pesos ($868 million) this year to build more houses and fund acquisitions.
Jollibee Foods Corp. (JFC) advanced 3.2 percent to 99.90 pesos, the biggest gain since Jan. 20. The nation’s biggest fast-food company reported fourth-quarter net income increased 10 percent from a year earlier to 1.16 billion pesos as sales rose 18 percent.
SM Prime Holdings Inc. (SMPH) rose 3.3 percent to 16.20 pesos, its biggest gain in a week, after the nation’s largest mall operator said profit in 2011 increased 15 percent to 9.1 billion pesos.
To contact the reporter on this story: Cecilia Yap in Manila at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com