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Highlands Prime, SM Development: Philippine Stocks Preview

April 27 (Bloomberg) -- Shares of the following companies may have unusual moves in Philippine trading. Stock symbols are in parentheses, and prices are as of the previous close, unless stated otherwise.

The Philippine Stock Exchange Index fell 0.6 percent to 4,305.57.

Highlands Prime Inc. (HP PM): The property builder set a capital spending budget of 1 billion pesos ($23 million) this year to boost its profit by as much as 300 percent, Manila Bulletin reported, citing President Henry Sy Jr. The stock declined 4.8 percent to 2 pesos when it last traded on April 6.

SM Development Corp. (SMDC PM) The developer said first-quarter consolidated net income rose 45 percent to 916.3 million pesos from the same period in 2010. The stock decreased 0.2 percent to 9.08 pesos.

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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