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Philippine Stocks: Energy Development, GMA, Vulcan Industrial

Nov. 11 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of 11:46 a.m. in Manila.

The Philippine Stock Exchange Index increased 28.20, or 0.7 percent, to 4,313.26. The measure is set for a 1 percent gain this week, its sixth weekly gain in seven weeks.

Energy Development Corp. (EDC PM), the nation’s biggest electricity producer using geothermal energy, decreased 0.7 percent to 5.99 pesos, set for the lowest close since Oct. 26. The company said third-quarter profit decreased to 1.66 billion pesos ($38.3 million) from 2.10 billion pesos a year ago.

GMA Holdings Inc. (GMAP PM), depositary receipts of GMA Network Inc., sank 1.9 percent to 6.38 pesos, set for the sharpest loss since Oct. 3. GMA Network (GMA PM), the second-largest Philippine broadcaster, will miss its 3 billion peso profit target and 2 billion pesos may be the “best” scenario for the year, Chief Financial Officer Felipe Yalong said. Nine-month net income fell 30 percent to 1.58 billion pesos after sales decreased 7 percent, the Manila-based company said in a statement.

Vulcan Industrial & Mining Corp. (VUL PM) advanced 11 percent to 1.11 pesos, set for the highest close since Sept. 13. The stock climbed for a second day after China Trend Investment Ltd. signaled it will invest 700 million pesos in Vulcan. The stock climbed 11 percent yesterday after Vulcan said it received a letter from China Trend indicating its intention to invest directly in the company through a so-called private placement.

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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