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Globe Telecom, PLDT Communications: Philippine Stocks Preview

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Aug. 2 (Bloomberg) -- Shares of the following companies may have unusual price changes in Philippine trading. Stock symbols are in parentheses, and prices are as of the previous close, unless stated otherwise.

The Philippine Stock Exchange Index rose 1 percent to 4,550.53, an all-time high.

Globe Telecom Inc. (GLO PM): The Philippines’ second-largest telecommunications company said first-half results will show the company “sustained momentum” and that it continues to grow “despite intense competition,” it said in an e-mailed invitation to its Aug. 9 media briefing for its first-half results. The stock was unchanged at 959 pesos.

Philippine Long Distance Telephone Co. (TEL PM): The nation’s largest telecommunications company will announce its second-quarter results in a press briefing in Manila today. The stock was unchanged at 2,400 pesos.

PLDT Communications and Energy Ventures Inc. (PCEV PM): The unit of Philippine Long Distance reported first-half net income declined to 853 million pesos from 872 million pesos a year earlier. The company derives its earnings mainly from its investment in Manila Electric Co. (MER PM). The stock rose 4.7 percent to 6.20 pesos.

To contact the reporter on this story: Cecilia Yap in Manila at cyap19@bloomberg.net

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

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