Aug. 25 (Bloomberg) -- 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 decreased 0.5 percent to 4,342.69.
Index changes: Belle Corp. (BEL PM), which is building a casino complex in Manila, increased 5.7 percent to 4.10 pesos, the sharpest gain since Aug. 10. Cebu Air Inc. (CEB PM), the country’s biggest budget carrier, climbed 3.1 percent to 80.70 pesos. Semirara Mining Corp. (SCC PM), the nation’s largest coal producer, gained 3.8 percent to 219 pesos. That’s the highest close since Aug. 4. SM Development Corp. (SMDC PM), a builder of residential towers, rose 1 percent to 8.09 pesos.
The companies are among those that will be added into the nation’s benchmark equities index effective Sept. 12, the stock exchange said.
Lepanto Consolidated Mining Corp.’s Class A shares (LC PM), which only Filipinos can own, fell 10 percent to 1.61 pesos, the sharpest loss since April 26. Its B shares (LCB PM), which have no ownership restrictions, sank 12 percent to 1.68 pesos. ABS-CBN Corp. (ABS PM), the nation’s largest broadcaster, decreased 4.2 percent to 34.50 pesos, the lowest close since May 2010. Filinvest Land Inc. (FLI PM) declined 4.2 percent to 1.15 pesos, the sharpest loss since Aug. 9. Lepanto, ABS-CBN and Filinvest Land are among shares that will be deleted from the benchmark stock index, the bourse said.
East Asia Power Resources Corp. (PWR PM) climbed 22 percent to 2.95 pesos, the highest close since July 21. The stock exchange allowed the shares to resume trading today, ending a suspension that started on Aug. 18 after the company submitted details on its plan to swap shares with Century Property Inc. and expand into real estate.
International Container Terminal Services Inc. (ICT PM), the nation’s biggest port operator and also known as ICTSI, rose 2.3 percent to 51.25 pesos, the sharpest gain since Aug. 16. The company said it raised S$35.6 million ($29.5 million) from the sale of its shares in Portek International Ltd. to Mitsui & Co.
To contact the reporter on this story: Ian C. Sayson in Manila at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org