The following companies had unusual movements in Philippine trading. Stock symbols are in parentheses and prices are as of the close of trading in Manila.
The Philippine Stock Exchange Index fell 0.9 percent to 4,921.36, the lowest close since Feb. 29.
International Container Terminal Services Inc. (ICT PM) fell 1.5 percent to 57.95 pesos, the lowest close in more than a week. The nation’s largest port operator said a unit plans to acquire 35 percent to 55 percent of Pakistan International Container Terminal Ltd. The Philippine company wants to more than double capital spending this year to $550 million, it said in a stock-exchange filing.
Philippine Long Distance Telephone Co. (TEL PM) declined 1.1 percent to 2,760 pesos, the lowest close since Feb. 15. Nomura Securities cut its rating on the stock to “reduce” from “neutral,” citing a lower profit outlook and increased competition. Nomura cut PLDT’s price target to 2,450 pesos from 2,470 pesos.
Semirara Mining Corp. (SCC PM) increased 1.8 percent to 224 pesos, its highest close since Feb. 13, after the coal and electricity producer reported that net income rose to 6 billion pesos ($139.5 million) last year from 3.95 billion pesos in 2010.