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Philippine Equity Movers: Empire East Land, Manila Electric Co.

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July 3 (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 1.2 percent to 5,365.70, its highest close on record.

Alliance Select Foods International Inc. (FOOD PM), a tuna canner, increased 6.3 percent to 1.53 pesos, the highest close since May 8. The company’s board approved the purchase of an 80 percent stake in Akaroa Salmon NZ Ltd., a New Zealand-based salmon farmer, for $2.18 million.

Empire East Land Holdings Inc. (ELI PM) rose 1.3 percent to 81 centavos, the highest close since May 4. The company is interested in bidding for the property owned by Food Terminal, the Philippine Star reported, citing Empire East President Charlemagne Yu. Yu couldn’t be reached for comment in his office.

Manila Electric Co. (MER PM), the nation’s biggest power retailer, advanced 2.3 percent to 263 pesos, the highest close since May 4. The stock gained for a ninth day, the longest run since February 2009. The provincial government of Zambales may support a coal-fired power plant that Manila Electric and its partners plan to build in the province, BusinessMirror reported, citing provincial Governor Hermogenes Ebdane Jr.

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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