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Filinvest, Manila Electric, Vista: Philippines Stocks Preview

Aug. 8 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses, and prices are as of the previous close, unless stated otherwise.

The Philippine Stock Exchange Index sank 1.4 percent to 4,437.55.

Filinvest Land Inc. (FLI PM): Invesco Hong Kong Ltd. acquired 1.02 million shares at 1.25 pesos each, boosting its stake in Filinvest Land to 7.1%, a stock exchange filing showed. The stock declined 1.6 percent to 1.21 pesos.

First Philippine Holdings Corp. (FPH PM): The company bought back 330,000 shares, a stock exchange filing showed. The stock decreased 2.3 percent to 59.80 pesos.

Manila Electric Co. (MER PM): The nation’s largest power retailer’s plan to build power-generation capacity of about 1,500 megawatts will likely be achieved in five years, Chief Operating Officer Oscar Reyes said. Manila Electric declined 2.6 percent to 265 pesos.

Metro Pacific Investments Corp. (MPI PM): The company expects to have 189.6 billion pesos in capital expenditure in the next four-to-five years, Chief Financial Officer David Nicol told reporters in Hong Kong on Aug. 5.

Separately, Metro Pacific’s unit Metro Pacific Tollways Corp. (TOL PM) is “open” to delisting its shares in the stock market, Metro Pacific Tollways President Ramoncito Fernandez said. Metro Pacific Investments lost 2.5 percent to 3.47 pesos. The toll unit last traded at 8.15 pesos on Aug. 1.

Vista Land & Lifescapes Inc. (VLL PM): The Philippine homebuilder said it bought back 350,000 shares at 3.28 pesos each, a stock exchange filing showed. The stock fell 2.1 percent to 3.32 pesos.

To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net

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

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