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 1.2 percent to 4,291.44, the highest level since June 3. The measure gained 3.3 percent this week, the sharpest weekly advance since April 1.
Philex Mining Corp. (PX PM), the largest Philippine metals producer, climbed 9.4 percent to 23.30 pesos, the highest close since January 1990, on speculation an upgrade in the country’s sovereign-debt rating will cut funding costs at its Silangan gold and copper project. The nation’s debt rating was raised to BB+, one level below investment grade, from BB by Fitch Rating yesterday.
Robinsons Land Corp. (RLC PM), the nation’s second-largest shopping mall builder, jumped 3.7 percent to 12.42 pesos, the highest close since June 3. First Metro Investment Corp., the nation’s top fund manager over the past three years, said it’s buying shares of the company, expecting the stock will rally in the second half.