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 lost 1.65 points, or less than 0.1 percent, to 4,478.36, trimming this week’s gain to 0.4 percent.
Builders: Filinvest Land Inc. (FLI PM), a residential property developer, advanced 2.4 percent to 1.26 pesos, the sharpest gain since July 4. Megaworld Corp. (MEG PM), a builder of residential and office towers, jumped 2.9 percent to 2.10 pesos, the sharpest gain since July 4. Ayala Land Inc. (ALI PM), the nation’s biggest developer, climbed 1.7 percent to 16.48 pesos, the highest close since May 12.
Banco de Oro Unibank Inc. Chief Investment Officer Marvin Fausto said he’s been buying property stocks on expectation the introduction of real-estate investment trusts and peaking inflation will boost stock valuations. Fausto is the nation’s second-biggest fund manager, helping manage about $12 billion in assets.
Mining companies: Philex Mining Corp. (PX PM), the nation’s biggest metals producer, sank 5.1 percent to 24.35 pesos, the sharpest retreat since Feb. 28, as prices of gold and copper headed for weekly losses. Atlas Consolidated Mining & Development Corp. (AT PM) declined 4.1 percent to 23.40 pesos, the steepest loss since March 17.
Gold for immediate delivery is bound for its first weekly decline in three, while copper futures on the London Metal Exchange are heading for the first decrease in four weeks.
International Container Terminal Services Inc. (ICT PM), the largest Philippine port operator, sank 4.9 percent to 55.45 pesos, the sharpest loss since May 18, after the company indicated it will sell a block of shares at a discount. The company will sell 31.24 million shares to institutional investors at 55.40 pesos each, a stock-exchange filing showed.
JTH Davies Holdings Inc. (JTH PM) sank 22 percent to 2.30 pesos, the biggest loss since Jan. 20 after the company said it isn’t in talks with Systems Technology Institute to list the privately held school operator through JTH.