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 17.02 points, or 0.4 percent, to 4,482.89.
Builders: Megaworld Corp. (MEG PM), a developer of residential and office towers, rose 4.2 percent to 2.23 pesos, the highest level since May 4 on speculation the introduction of real-estate investment trust, or REIT, trading will boost property valuations. Filinvest Land Inc. (FLI PM) advanced 4 percent to 1.29 pesos, the highest since May 3. SM Prime Holdings Inc. (SMPH PM), the nation’s biggest builder and operator of shopping malls, gained 1.1 percent to 11.52 pesos.
“Investors are picking up property stocks on anticipation that the trading of REITs will unlock real-estate values and benefit both residential and commercial developers,” said Alex Pomento, Manila-based strategist at Macquarie Group Ltd. The Philippines yesterday issued tax regulations for REITs, paving the way for trading.
Bankard Inc. (BKD PM), a credit-card issuer, advanced 11 percent to 89 centavos after the company said it will continue to diversify its portfolio and spend at least 90 million pesos ($2.14 million) to buy new point-of-sale terminals.
ISM Communications Corp. (ISM PM) rose 3.5 percent to 3.83 pesos, ending a two-day slump, after saying it’s leading a group of investors buying 97.28 percent of the Philippine Bank of Communications (PBC PM) for 4.68 billion pesos. Philippine Bank of Communications increased 20 percent to 79 pesos, the highest close since Sept. 2, 2005.