The Philippine Stock Exchange Index (PCOMP) rose 0.1 percent to 4,958.43.
Alsons Consolidated Resources Inc. (ACR)(ACR PM), which has investments in power and energy, rose 3.2 percent to 1.30 pesos, the sharpest gain since March 23. The company may expand its Indonesian business by building a natural gas or coal-fired power plant there, the Philippine Star reported, citing President Tomas Alcantara. Alcantara couldn’t be reached for comment at his office.
Atlas Consolidated Mining & Development Corp. (AT) advanced 2.7 percent to 18.58 pesos, the highest close since May 9. SM Investments Corp. (SM) bought Atlas’s 5.34 billion peso ($124 million) convertible loan from BDO Unibank Inc. (BDO) , a stock exchange filing showed. SM plans to convert the debt into 273.1 million shares in Atlas, raising SM’s stake in the miner to 28.4 percent, it said. BDO rose 3.3 percent to 62.25 pesos, the highest close since May 8.
RFM Corp. (RFM) rose 4.3 percent to 2.69 pesos, the highest close since May 10. The company and partner Unilever Plc are considering building a plant to meet demand for Magnum ice cream bars, the Philippine Star reported, citing unidentified people. President Jose Concepcion III couldn’t be reached for comment in his office.
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