Philippine Stocks: Energy, Manila Electric, PAL, Robinsons
Shares of the following companies are among the most active in Philippine trading. Stock symbols are in parentheses, and share prices are at the 12 p.m. close in Manila.
The Philippine Stock Exchange Index increased 61.93, or 1.5 percent, to 4,132.04, the steepest gain since Dec. 2. Today’s advance cut this week’s loss to 1.7 percent.
Energy Development Corp. (EDC PM), the nation’s biggest power producer using geothermal energy, advanced 1.7 percent to 6.08 pesos, the highest since Dec. 10. The company said it sold $300 million of notes due January 2021. The notes were priced to yield 6.5 percent, it said.
Manila Electric Co. (MER PM), the nation’s biggest power retailer, slid 5 percent to 267.40 pesos, the steepest loss since Nov. 26. The Energy Regulatory Commission said the rates it charges for delivery of power may drop in the next four years.
Metro Pacific Investments Corp. (MPI PM), which owns shares in Manila Electric, decreased 2.1 percent to 3.81 pesos, the lowest close since Dec. 29. First Philippine Holdings Inc. (FPH PM), also a stakeholder, declined 2.1 percent to 66.30 pesos. PLDT Communications & Energy Ventures Inc. (PCEV PM), which has investments in the utility, sank 3.8 percent to 7.12 pesos, the sharpest loss since Dec. 17.
PAL Holdings Inc. (PAL PM), owner of the largest carrier, jumped 34 percent to 7.28 pesos, the highest close since October 2007 and extending yesterday’s 32 percent gain. The company said its unit Philippine Airlines Inc. is in “exploratory” discussions with potential local and foreign investors.
Robinsons Land Corp. (RLC PM), the second-largest shopping mall operator, rose 3.5 percent to 14.80 pesos, the highest since since Jan. 6. The developer said it submitted a bid to acquire the Philippine government’s Food Terminal Inc.
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