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Philippine Stocks: Ayala Land, BDO Leasing, BDO Unibank, Benguet

Dec. 8 (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 fell 0.1 percent to 4,312.89.

Ayala Land Inc. (ALI PM), the nation’s biggest developer, decreased 2.3 percent to 15.64 pesos, the sharpest loss since Nov. 24. The stock was cut to “sell” from “buy” and its price target was slashed to 12.20 pesos from 18.75 pesos by Kenneth Nerecina, analyst at ATR KimEng Securities Inc.

BDO Leasing & Finance Inc. (BLFI PM) climbed 8.1 percent to 1.73 pesos, the sharpest gain since Oct. 25, after the company said it will pay a 10 centavos-a-share dividend, double its July payout.

BDO Unibank Inc. (BDO PM), the nation’s biggest bank by assets, increased 2.5 percent to 58.60 pesos, the highest close since Sept. 5. President Nestor Tan said the bank is likely to meet its 10.5 billion-peso ($243 million) net-income target this year, a record, boosted by “exceptional” 24 percent loan growth. The stock gained for a seventh day, the longest winning streak since a nine-day rally in September 2010.

Benguet Corp. Class A shares (BC PM), which are reserved for Filipinos, advanced 1.5 percent to 28 pesos, the highest close since Nov. 21. Its Class B shares (BCB PM), which have no ownership restrictions, gained for a fourth day, rising 0.4 percent to 27.60 pesos. The metals producer said the Securities & Exchange Commission approved its equity restructuring plan, paving the way for positive retained earnings and future dividend payments.

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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