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Philippine Stocks: Central Azucarera, DMCI, First Gen, Victorias

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May 31 (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 1.5 percent to 5,091.23, the highest close since May 11. The measure shaved this month’s loss to 2.1 percent, the first monthly drop since November.

Sugar stocks: Central Azucarera de Tarlac (CAT PM), a sugar miller and refiner, declined 28 percent to 13.04 pesos, the biggest slide since May 8. Victorias Milling Co. (VMC PM) lost 14 percent to 1.20 pesos, the lowest close since October 1997.

Raw-sugar futures for July delivery fell 0.3 percent to 19.48 cents a pound on ICE Futures U.S. in New York. In May, the price has dropped 7.8 percent.

DMCI Holdings Inc. (DMC PM), the nation’s biggest construction company, gained 1.8 percent to 57.95 pesos, ending a three-day slide. The stock will join MSCI Philippines Index at the close of today.

First Gen Corp. (FGEN PM) gained 2.6 percent to 16.44 pesos, the highest close since April 2008. The stock was raised to buy from hold at Philippine Equity Partners Inc., which said the company’s purchase of a 40 percent interest in two power plants will boost annual earnings by about $23 million. The stock’s 12-month share price target was raised 12 percent to 20.5 pesos by Philippine Equity Partners.

To contact the reporters on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net; 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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