Philippine Stocks: Metropolitan Bank, Southeast Asia Cement
Shares of the following companies had unusual price changes in Philippine trading. Stock symbols are in parentheses, and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index rose 0.8 percent to 3,959.94.
Cement stocks: Holcim Philippines Inc. (HLCM) , the nation’s biggest maker of the building material, rose 5.5 percent to 11.60 pesos, the steepest gain since Jan. 14. Southeast Asia Cement Holdings Inc. (CMT PM) climbed 3.9 percent to 1.60 pesos, after jumping 10 percent yesterday. Budget Secretary Butch Abad said the government is expected to spend 196.7 billion pesos ($4.5 billion) on roads, bridges and classrooms when the weather is favorable.
“The market is anticipating demand will increase from the government’s infrastructure projects,” said Rico Gomez, who helps manage $1.5 billion at Rizal Commercial Banking Corp.
Metropolitan Bank & Trust (MBT) Co, the second-largest bank by assets, climbed 3.5 percent to 63.15 pesos, the highest close since Feb. 4. The lender said its consolidated net income increased 39 percent to 8.4 billion pesos in 2010.
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