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Philippine Stocks: Philippine Long Distance, SM Prime Holdings

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

The Philippine Stock Exchange Index fell 0.7 percent to 4,613.83, snapping a four-day rally. The measure rounded a 2.9 percent gain this week, the steepest advance since the week ended Oct. 28.

Philippine Long Distance Telephone Co. (TEL PM), India’s biggest phone company, declined 1.4 percent to 2,756 pesos, the largest drop since Jan. 6. The stock was lower to “neutral” from “overweight” by Luis Hilado, an analyst at HSBC Holdings Plc. The analyst has a 2,740 peso 12-month share-price target.

SM Prime Holdings Inc. (SMPH PM), the largest Philippine shopping mall operator, increased 1.1 percent to 14.46 pesos, the highest close since it started trading in July 1994. The company said it raised 5 billion pesos ($114 million) from the sale of notes. The company said on Dec. 7 that it will raise funds to help finance an estimated 21 billion peso capital spending this year.

To contact the reporter on this story: Ian 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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