Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index rose 0.9 percent to 3,875.81.
Cebu Air Inc. (CEB PM), the largest Philippine budget carrier, sank 2.6 percent to 83.90 pesos, the lowest since Feb. 28. AirAsia Bhd.’s Philippine unit said it chose the Clark airport in Pampanga, a province north of the capital Manila, as its hub and plans to start operations in the fourth quarter. The company will offer flights to Singapore, Hong Kong, Taiwan, China, Thailand, Korea and Japan, it said in an e-mailed statement. Separately, the stock’s 12-month share price estimate was cut to 127 pesos from 145 pesos at JPMorgan Chase & Co.
iPeople Inc. (IPO PM), a company that invests in schools, increased 5.3 percent to 4 pesos, the sharpest gain since Dec. 30. The company said in a stock exchange filing it will pay a dividend of 6 centavos a share. That’s the highest since December 2006, according to data compiled by Bloomberg News.