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 fell 0.1 percent to 4,241.14, ending a two-day rally.
ISM Communications Corp. (ISM PM) increased 2.6 percent to 3.99 pesos. The company was selected by shareholders of Philippine Bank of Communications (PBC PM) to become the bank’s major strategic third-party investor, a stock exchange filing showed. The investment is subject to regulatory approvals. PBCom, as the bank is called, decreased 0.7 percent to 67.50 pesos, extending yesterday’s 2.9 percent drop. Banco de Oro Unibank Inc. (BDO PM), which has expressed an interest to buy PBCom, fell 1.6 percent to 53.60 pesos.
Philex Mining Corp. (PX PM), the nation’s biggest metals producer, jumped 6.5 percent to 21.30 pesos, the highest close based on prices going back to January 1990, after the Philippine Star reported that its Silangan prospect has at least $22 billion in gold and copper reserve, citing an estimate by mining consultant SRK Perth. Chairman Manuel Pangilinan couldn’t be reached for comment in his office.
Shang Properties Inc. (SHNG PM) climbed 2.2 percent to 1.86 pesos, the highest close since April 27. The company may get 9.5 billion pesos ($218 million) from the sale of units in two residential towers, a stock exchange filing showed.