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Philippine Stocks: Cebu Air, IP E-Game Ventures, Manila Electric

Dec. 13 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close of trading in Manila.

The Philippine Stock Exchange Index gained 0.2 percent to 4,282.62, the first increase four days.

Cebu Air Inc. (CEB PM), the nation’s biggest budget carrier, sank 2.2 percent to 66 pesos, the lowest close since the stock began trading in October 2010. The airline said it sought regulatory approval to raise fuel surcharges for certain international flights.

IP E-Game Ventures Inc. (EG PM) advanced 2.7 percent to 23.10 pesos, snapping a two-day loss. The company said a unit signed a publishing agreement with Take-Two International S.A. for an online sports game.

Manila Electric Co. (MER PM), the largest Philippine power retailer, climbed 5.5 percent to 249 pesos, the sharpest gain since Oct. 11. The company plans to offload its stake in Rockwell Land Corp. by distributing its holdings as a property dividend that will be followed by a listing of the real-estate developer.

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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