Philippine Equity Mover Column: Aboitiz Power, Globalport 900
The Philippine Stock Exchange Index (PCOMP) rose 0.4 percent to 5,085.24. The benchmark has gained 16 percent this year, bound for the best quarter since the three months ended September 2010.
Aboitiz Power Corp. (AP) slid 1.1 percent to 32.95 pesos, the sharpest drop since March 15. The company said it will redeem next month bonds due in 2014. Aboitiz Power and Team Energy Corp. may spend as much as $700 million to expand the Pagbilao coal-fired power plant by 400 megawatts, Team Energy President Federico Puno said.
Globalport 900 Inc. (PORT) (PORT PM) rose 10 percent to 22 pesos, the biggest gain since March 5. The company plans to acquire five new domestic ports and three overseas facilities this year, the Philippine (PASHR) Star reported, citing President Michael Romero. The company will raise at least $200 million to finance its domestic expansion, according to the report. Romero couldn’t be reached in his office for comment.
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