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 rose 0.7 percent to 4,715.64, the highest close since Jan. 20.
Builders: Robinsons Land Corp. (RLC PM), a builder of malls and residential towers, increased 6 percent to 14.90 pesos, the highest close since Dec. 30, 2010. Megaworld Corp. (MEG PM), a builder of residential towers, rose 2.9 percent to 1.76 pesos, the sharpest gain since Jan. 17.
The central bank isn’t ruling out another interest-rate cut this quarter, Governor Amando Tetangco said today.
Ayala Corp. (AC PM), owner of the nation’s largest property developer and third-largest bank by assets, gained 3.1 percent to 362 pesos, the highest close since January 2008. Ayala was one of two stocks named by JPMorgan Chase & Co. analyst Gilbert Lopez as the brokerage’s top picks among companies that will benefit from the government’s infrastructure spending program.
Metropolitan Bank & Trust Co. (MBT PM), the nation’s second-largest bank by assets, increased 4 percent to 78.90 pesos, the highest close since Aug. 1. The stock was named by JPMorgan as one of its top three picks among Philippine banks.
Security Bank Corp. (SECB PM) advanced 2.6 percent to 116.90 pesos, the highest close since the stock began trading in June 1995. The bank said it posted a 6.7 billion peso ($157 million) profit in 2011, exceeding its target for the year.