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Philippine Stocks: Benguet Corp., Cirtek Holdings, Cebu Air

Nov. 18 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.

The Philippine Stock Exchange Index decreased for a third day, the longest losing streak since Oct. 5, dropping 0.7 percent to 4,302.43. The measure fell 0.2 percent this week.

Benguet Corp. Class A shares (BC PM), which are reserved for Filipinos, increased 2.9 percent to 28.40 pesos, the highest close since Aug. 16. Its Class B shares (BCB PM), which have no ownership restrictions, jumped 3.6 percent to 28.60 pesos. The company’s nine-month net income was 1.18 billion pesos ($27 million), compared with a 58.3 million peso loss a year ago, a stock-exchange filing showed.

Cebu Air Inc. (CEB PM), the largest Philippine budget carrier, gained for the first time since Nov. 4, advancing 0.6 percent to 71.40 pesos. The company said it will take delivery of one Airbus 320 jet in December and three more jets of the same kind in the first quarter.

Cirtek Holdings Philippines Corp. (CHIPS PM), a semiconductor manufacturer, jumped 14 percent to 7.95 pesos in its first trading day after selling 42.16 million shares in an initial public offer at 7 pesos each.

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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