Philippine Equity Movers: Cebu Air, Polar Property Holdings
The Philippine Stock Exchange Index (PCOMP) rose 0.5 percent to 5,193.84, the highest close since May 9. The measure has gained 1.7 percent this quarter, the best-performing benchmark index in Asia, extending this year’s advance to 19 percent.
Cebu Air Inc. (CEB) , the nation’s largest budget carrier, advanced 1 percent to 68.05 pesos, the highest close since June 1. The airline cut fuel surcharges on all its domestic flights by as much as 20 percent to reduce fares, it said in a stock-exchange filing.
Polar Property Holdings Corp. (PO) rose 6.2 percent to 4.44 pesos, the highest close since May 11. The Securities & Exchange Commission approved the company’s plan to increase its authorized capital stock to 17 billion pesos ($400 million) from 5.5 billion pesos and change its name to Starmalls Inc., a stock-exchange filing said.
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