Philippine Stocks Movers: Cebu Air, Jollibee Foods, SM Prime
The Philippine Stock Exchange Index rose 1 percent to 5,079.35, set to close at a record. The gauge has advanced 2 percent this week.
Consumer-related stocks: Jollibee Foods Corp. (JFC) , the nation’s biggest restaurant operator, advanced to a record, leading gains among Philippine consumer-related stocks on speculation consumer spending will grow after funds sent home by Filipinos overseas increased 5.4 percent in January. Jollibee rose 5.8 percent to 111.50 pesos, set for the highest close since the stock began trading in July 1993. SM Prime Holdings Inc. (SMPH) , the country’s biggest shopping mall operator, climbed 2.7 percent to 16.76 pesos.
“Higher remittances translate to stronger consumer spending,” Peter Lee, senior investment officer at IGC Securities Inc., said in a phone interview. “Jollibee is recognized as one of the market’s top consumer names.”
Cebu Air Inc. (CEB PM), the nation’s largest budget carrier, gained 1.7 percent to 67.10 pesos, set for the sharpest increase since March 5. The company may consider buying into Philippine Airlines Inc., the country’s biggest carrier, “if the opportunity arose,” Cebu Air President Lance Gokongwei said. Gokongwei said there are no talks with Philippine Airlines. PAL Holdings Inc. (PAL) , owner of Philippine Airlines, rose 5.3 percent to 7.42 pesos, bound for the sharpest gain since Jan. 9.
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