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Philippine Stocks: Bloomberry Resorts, Megaworld, Philex, PNB

April 24 (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 gained 0.1 percent to 5,169.60.

Bloomberry Resorts Corp. (BLOOM PM), which is building a hotel and casino complex in Manila, declined 9.8 percent to 11.80 pesos, the lowest close since April 19. The company plans to raise as much as $250 million by selling shares through a top-up placement, FinanceAsia reported, citing people it didn’t name. It’s offering 1.18 billion shares at 6.55 pesos to 8.25 pesos each, FinanceAsia said. Bloomberry President Enrique Razon couldn’t be immediately reached for comment.

Megaworld Corp. (MEG PM), a builder of residential and office towers, advanced 2.8 percent to 2.19 pesos, the highest close since July 29. Maybank ATR Kim Eng Securities Inc. raised its rating on the stock to buy from sell and increased its 12-month share-price estimate.

The stock jumped 3.9 percent yesterday, the most in two months, after Kenneth Nerecina, an analyst at Maybank ATR Kim Eng, wrote in a report that investors should buy the shares and raised his price target to 2.45 pesos from 2.05 pesos.

Philex Petroleum Corp. (PXP PM) jumped 17 percent to a record 16.20 pesos after the company and its parent Philex Mining Corp. (PX PM) said a report on one of its exploration areas may “show an improvement in the resources” it contains. Philex Mining advanced 6.9 percent to 22.35 pesos, the sharpest gain since Sept. 30.

Philippine National Bank (PNB PM) fell 2.3 percent to 72.25 pesos, the lowest close since April 12. The Presidential Commission on Good Government has asked the Securities & Exchange Commission and Bangko Sentral ng Pilipinas to stop the merger of Philippine National and Allied Banking Corp., according to an exchange filing.

Vulcan Industrial & Mining Corp. (VUL PM) advanced 5.9 percent to 1.08 pesos, the sharpest gain since Feb. 22. Modern Overseas Investment Ltd., owned by China Trend, signed an agreement to buy 450 million pesos ($10.5 million) of shares in the company through a private placement, an exchange filing showed. Cerberus Corp. also signed an agreement to buy 450 million shares of Vulcan, it said.

To contact the reporter on this story: Norman P. Aquino in Manila at naquino1@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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