The Philippine Stock Exchange Index rose 146.02, or 3.7 percent, to 4,148.90 at the noon close in Manila, climbing the most since May 11 and advancing for a second day, following six days of decline.
The following companies are among the most active in Philippine trading. Stock symbols are in parentheses.
Aboitiz Power Corp. (AP PM), an electricity producer and retailer, rose 7.5 percent to a record 35.80 pesos. Parent Aboitiz Equity Ventures Inc. (AEV PM) said proceeds from the sale of the latter’s shipping unit will help fund expansion of its power business. Aboitiz Equity gained 6.4 percent to 40.50 pesos.
Banco De Oro Unibank Inc. (BDO PM), the Philippines’ largest lender, climbed 5.5 percent to 59.60 pesos, climbing the most since Feb. 11, after Chairwoman Teresita Sy said the bank will meet this year’s profit target. The lender has a profit goal of 8.1 billion pesos this year after profit in the January to September period rose 58 percent to 6.4 billion pesos, it said on Nov. 10.
SM Prime Holdings Inc. (SMPH PM), the nation’s largest mall operator, gained 2.9 percent to 11.40 pesos after its stock rating was raised to “buy” from “hold” by Carl Sy, an analyst at Deutsche Bank AG. Parent SM Investments Corp. (SM PM) rose 7.7 percent to 549 pesos, climbing the most since May 2009. The rating upgrade was made on expectations low interest rates and the shopping mall operator’s “aggressive expansion” in China and the Philippines will boost valuations.