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Philippine Stocks: Aboitiz Equity, I-Remit, PAL Holdings

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Sept. 19 (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 17.82 points, or 0.4 percent, to 4,307.99.

Aboitiz Equity Ventures Inc. (AEV PM), which has investments in power plants and banks, rose 1.9 percent to 39.95 pesos after it bought an additional 1.95 million shares in unit Union Bank of the Philippines (UBP PM). Union Bank fell 0.4 percent to 60.45 pesos.

I-Remit Inc. (I PM), which provides money-transfer services to Filipinos overseas, rose 5 percent to 2.33 pesos after the company said its board approved a plan to buy back as many as 10 million shares.

PAL Holdings Inc. (PAL PM) rose 3.6 percent to 6.32 pesos after Philippine Daily Inquirer reported that businessman Manuel Pangilinan may be a “white knight” for Philippine Airlines Inc., a unit of PAL Holdings.

Pangilinan and Philippine Airlines President Jaime Bautista didn’t reply to questions seeking comments on the report.

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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