Philippine Equity Movers : Ayala Land, Jollibee Foods, Megaworld
The Philippine Stock Exchange Index (PCOMP) rose 1.3 percent to 5,146.46, the highest close since May 11.
Builders: Megaworld Corp. (MEG) , a builder of residential and office towers, climbed 3 percent to 2.08 pesos, the highest close since May 14. Robinsons Land Corp. (RLC) increased 1.2 percent to 17 pesos, the highest close since June 1. The nation’s property market is at the “best” in 20 years, CB Richard Ellis Philippines Inc. Chairman Rick Santos said today in a press briefing in Manila.
Ayala Land Inc. (ALI) , the nation’s largest developer, rose 2.3 percent to 22.50 pesos, a record close based on prices going back to March 1992. The company will build apartments, shops and offices on 6.6 hectares of land that it acquired in Muntinlupa city, Ayala Land said in a statement. Its parent Ayala Corp. (AC PM) gained 2.6 percent to 475 pesos.
Jollibee Foods Corp. (JFC) , the nation’s biggest fast- food company, increased 3.8 percent to 107.70 pesos, the highest close since June 13. “Investors expect margins to improve in the second half because of lower energy costs and prices of some of its raw materials,” said James Lago, an analyst at PCCI Securities Brokers Corp. Jollibee Chief Financial Officer Ysmael Baysa couldn’t be reached at his office for comment.
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