Philippine Stocks: Alliance, Alphaland, Ayala Land, Robinsons
The Philippine Stock Exchange Index (PCOMP) rose 0.6 percent to 5,186.20, its fifth day of gains, extending its rally to a record.
Alliance Global Group Inc. (AGI) , owner of the company that runs Manila’s biggest casino, advanced 3.7 percent to 12.76 pesos, heading for the sharpest increase since March 15. CLSA Asia-Pacific Markets raised its 12-month share-price estimate for the stock to 14.77 pesos, from 13.93 pesos.
Alphaland Corp. (ALPHA) rose 9.2 percent to 32 pesos, the highest close since Dec. 16. The company will spend 11 billion pesos ($258 million) on office and residential projects in Makati City, the nation’s financial district, the Philippine Star reported, citing director for sales and marketing Joanna Duarte. Duarte couldn’t be reached for comment at her office.
Ayala Land Inc. (ALI) , the nation’s biggest property developer, advanced 1.6 percent to 21.90 pesos. The builder will meet its profit target of 10 billion pesos by 2014, Chairman Fernando Zobel said today.
Robinsons Land Corp. (RLC) , the nation’s second-largest shopping mall operator, increased 2.6 percent to 17.98 pesos, the highest close since November 2007, on expectations it will announce a higher dividend payment at its annual stockholders’ meeting today.
Robinsons Land may declare a dividend of 40.68 centavos a share this year, according to Bloomberg forecasts. The company paid 36 centavos a share last year. Robinsons Land President Frederick Go couldn’t be reached at his office for comment.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.