March 2 (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 rose 1.6 percent to 5,016.30, closing at a record. The gauge has climbed 2.5 percent this week, its fifth straight week of gains.
Builders, banks: Ayala Land Inc. (ALI PM), the nation’s largest developer, increased 5.1 percent to 21 pesos. Bank of the Philippine Islands (BPI PM), the nation’s third-largest lender by assets, gained 2.9 percent to 72 pesos. The shares rose after the central bank cut interest rates yesterday for a second straight meeting.
“The main reason for the rate cut is to usher in economic growth,” said Jonathan Ravelas, a market strategist at BDO Unibank Inc. “Much lower interest rates would encourage consumers to borrow to fund home purchases and companies to expand their businesses.”
Aboitiz Equity Ventures Inc. (AEV PM), which has investments in power plants, electricity retailers and banks, rose 3.3 percent to 49.90 pesos. The company said it will pay a cash dividend of 1.58 pesos a share.
GMA Network Inc. (GMA7 PM), a broadcasting company, advanced 3.3 percent to 10 pesos. Philippine Long Distance Telephone Co. Chairman Manuel Pangilinan said his group is “interested to take a look” at the company. It isn’t in talks to acquire GMA, he said.
Metro Pacific Investments Corp. (MPI PM), which has investments in water, power and health care, gained 2.5 percent to 3.63 pesos. The company said profit rose 76 percent to 5.06 billion pesos ($119 million) last year. Consolidated revenue increased 19 percent to 22.07 billion pesos, Metro Pacific said in a statement. It declared a dividend of 1.50 centavos a share.
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