Philippine Stocks Movers: Alliance, Bank of Philippine Islands
The Philippine Stock Exchange Index (PCOMP) fell 0.4 percent to 5,031.78, after closing at a record-high yesterday.
Alliance Global Group Inc. (AGI) , owner of the largest Philippine casino, rose 6.8 percent to 13.24 pesos, the highest close based on prices going back to April 1999. The stock climbed on speculation the company will report as early as this week that 2011 profit exceeded its 10 billion peso ($233 million) forecast, according to Astro del Castillo, managing director at First Grade Holdings Inc.
“Investors are upbeat Alliance can easily break its profit forecast considering holidays in the fourth quarter probably boosted tourism and consumer spending,” del Castillo said. Alliance President Kingson Sian said Nov. 25 the company targets as much as 10 billion pesos in profit in 2011.
Sian couldn’t be reached for comment in his office. Dina Inting, chief information officer at Alliance, said the company’s 2011 results are “still in the middle of audit,” without giving more details.
Bank of the Philippine Islands (BPI PM), the nation’s third-largest bank by assets, fell 0.3 percent to 75.30 pesos, the first loss since March 6. The stock was cut to underweight from overweight by Xiushi Cai, an analyst at HSBC Holdings Plc, with a 12-month share-price estimate of 72.50 pesos.
To contact the editor responsible for this story: Darren Boey at email@example.com