Philippine Stocks: Asian Terminals, Megaworld, Manila Electric
Stock Chart for Manila Electric Co (MER)
The Philippine Stock Exchange Index (PCOMP) fell 0.2 percent to 5,246.41. The measure gained 2.7 percent this quarter, the best- performing benchmark index in Asia, extending this year’s advance to 20 percent.
Builders: Megaworld Corp. (MEG) , a developer of residential and office towers, climbed 1.9 percent to 2.19 pesos, the highest close since May 9 on prospects of rising property demand. Global-Estate Resorts Inc. (GERI) increased 2.3 percent to 1.80 pesos, the highest close since June 1. Real estate loans of Philippines banks climbed to a record 538.1 billion pesos ($12.8 billion) in the first quarter, the central bank said in a statement.
Asian Terminals Inc. (ATI) , a port operator, sank 16 percent to 9 pesos, the sharpest loss since December 2001. President Eusebio Tanco said the company isn’t for sale and is looking at expansion opportunities. Tanco made the statement yesterday after ManilaStandardToday reported that San Miguel Corp. is in talks to buy the company. The stock jumped 22 percent to a record yesterday.
Manila Electric Co. (MER) , the nation’s biggest power retailer, gained 1 percent to 253.40 pesos, completing a seven- day rally. It’s the stock’s longest winning streak since February 2009. The Energy Regulatory Commission allowed the utility to raise its rates for the period starting July 1 to June 30, 2013, a stock exchange filing showed.
Oriental Peninsula Resources Group Inc. (ORE) advanced 4.4 percent to 5.45 pesos, the highest close since May 29. The company will invest $10 million to build a plant that will produce semi-processed metals, Philippine Daily Inquirer reported, citing Chairman Caroline Tanchay.
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