Philippine Stocks: Alliance Global, Fil-Estate, PAL, Phoenix
The Philippine Stock Exchange Index increased 32.88, or 0.8 percent, to 4,070.11 at the noon close in Manila.
The following companies were among the most active in Philippine trading. Stock symbols are in parentheses.
Alliance Global Group Inc. (AGI PM), owner of the second- largest developer, gained 3 percent to 11.54 pesos, the steepest advance since Dec. 29. The company said it paid an initial 1.25 billion pesos ($28 million) for shares in Fil-Estate Land Inc. (LND PM). The payment has been delayed twice this month.
The proceeds will allow Fil-Estate, which controls more than 10 percent of land in the island resort of Boracay, to “immediately” pursue tourism-oriented projects, Alliance said after the market closed yesterday. Fil-Estate rose 0.7 percent to 1.55 pesos.
PAL Holdings Inc. (PAL PM), owner of the nation’s largest carrier, surged 32 percent to 5.45 pesos, the highest level since January 2008. San Miguel Corp. President Ramon Ang may be in talks to buy 40 percent of the company’s Philippine Airlines Inc., the Philippine Star reported, citing unidentified persons.
PAL President Jaime Bautista said he’s not aware of talks with Ang, adding that owner Lucio Tan is still open to selling a stake in the airline. Ang didn’t respond to text messages on his mobile phone seeking comment.
Phoenix Petroleum Philippines Inc. (PNX PM), a retailer of petroleum products, jumped 7.1 percent to 12 pesos, the steepest climb since Dec. 14. The stock was rated “buy” in new coverage by Leo Venezuela, an analyst at CLSA Asia-Pacific Markets. Venezuela has a 12-month share-price estimate of 15.97 pesos.
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