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Philippine Stocks: First Metro Investment, PAL Holdings

Sept. 21 (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 fell for a second day, losing 0.4 percent to 4,204.29, the lowest level since Aug. 9.

First Metro Investment Corp. (FMIC PM) rose 3.4 percent to 67.20 pesos, the sharpest gain since Sept. 9. The company said the central bank authorized it to perform trust and other fiduciary business.

PAL Holdings Inc. (PAL PM), owner of the nation’s biggest carrier, sank 2 percent to 6 pesos, the lowest close since Sept. 7. Philippine Airlines Inc., the unit of the company, is studying “legal remedies available under the law” in relation to a Supreme Court decision that declared as illegal the carrier’s firing of about 1,400 flight attendants in 1998 and that it has to reinstate the workers or pay them full backwages, a stock exchange filing showed.

To contact the reporter on this story: Ian C. 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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