Sept. 7 (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 rose 0.3 percent to 4,315.21, the first gain in three days.
Aboitiz Power Corp. (AP PM), owner of power plants and electricity retailers, climbed 1.8 percent to 30.45 pesos, the highest close since Aug. 5. Aboitiz Power is among stocks that are “undervalued” in Asia Pacific, Citigroup Inc. analysts including Paul Chanin said.
Boulevard Holdings Inc. (BHI PM), a property developer, sank 10 percent to 44 centavos on speculation that a two-day, 17 percent rally that lifted the stock yesterday to a 12-year high may be excessive, according to Astro de Castillo, managing director at Manila-based First Grade Finance Inc.
MacroAsia Corp. (MAC PM) climbed 6.6 percent to 3.57 pesos, the highest close since Jan. 17. The company said it signed an agreement with China’s Jinchuan Group Ltd. for a $1 billion investment in a mining project in Palawan, an island south of the Philippine capital.
Vulcan Industrial & Mining Corp. (VUL PM) advanced 22 percent to 94 centavos, the sharpest advance since Nov. 18, 2009. The stock surged as much as 42 percent earlier today. The company signed a so-called “memorandum of understanding” with China Trend to allow the Chinese company to review and study all its mining exploration projects within 60 days, an exchange filing said. The review could lead to a two-year agreement that will allow China Trend to choose the projects it will develop, the filing said.
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