The Philippine Stock Exchange Index (PCOMP) fell 0.1 percent to 5,297.55, dropping from a record close. The gauge has advanced 2.5 percent this week.
International Container Terminal Services Inc. (ICT) , the largest Philippine port operator, rose 5.7 percent to 74 pesos, poised for a record close, after saying its unit acquired 80 percent of PT Karwell Indonesia.
GT Capital Holdings Inc. (GTCAP) , the holding company of Philippine billionaire George Ty, advanced 2.2 percent to 511.50 pesos. GT Capital turned property unit Federal Land Inc. into its wholly-owned subsidiary after acquiring a further 20 percent stake in Federal for 2.7 billion pesos, the company said in a stock exchange filing. The stake purchase was earlier reported by the Philippine Star.
Megaworld Corp. (MEG) , a builder of residential and office towers, rose 1.4 percent to 2.17 pesos. Alliance Global Group Inc. (AGI) said its unit Megaworld had a “strong performance” in the first quarter. Reservation sales at its four real estate brands, including Megaworld, surged 52 percent to 16.4 billion pesos last quarter, Alliance said yesterday.
Robinsons Land Corp. (RLC) , the Philippines’ second- largest mall operator, increased 3.2 percent to 18.20 pesos, the most since April 20. Deutsche Bank AG raised the company’s share-price estimate by 23 percent to 19.25 pesos.
To contact the reporter on this story: Berni Moestafa in Jakarta at firstname.lastname@example.org
To contact the editor responsible for this story: Richard Frost at Rfrost4@bloomberg.net