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Philippine Stock Movers: Bloomberry Resorts, Lodestar Investment

April 19 (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 fell 0.3 percent to 5,173.28, snapping a five-day rally.

Bloomberry Resorts Corp. (BLOOM PM), one of four companies building a casino-hotel resort complex in Manila, sank 13 percent to 11.80 pesos, the lowest close since Nov. 11. The company will hold a $200 million share sale to help fund its $1 billion casino and hotel complex in Manila, the Philippine Daily Inquirer reported, citing people it didn’t identify. Chairman Enrique Razon said the company needs to sell shares to comply with a 10 percent public float rule of the exchange. Razon also said the stock was “overvalued” and is now “very close to realistic value.”

Lodestar Investment Holdings Corp. (LIHC PM) increased 12 percent to 1.25 pesos, the sharpest advance since March 6, after its board approved a proposal to sell shares to investors to raise 350 million pesos ($8.20 million) in additional capital.

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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