Philippine Stocks: Anchor, Cebu Air, Filinvest, Metro Pacific
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index rose 0.4 percent to 4,391.46, completing a 0.9 percent gain this week. The measure posted its third weekly gain.
Anchor Land Holdings Inc. (ALHI) , a builder of apartments, climbed 2.6 percent to 19.50 pesos, the highest level since the stock began trading in August 2007. The property developer declared a 100 percent stock dividend and said shareholders approved a plan to boost capital with the sale of preferred shares, a regulatory filing showed.
Cebu Air Inc. (CEB) , the largest Philippine budget carrier, decreased 1.9 percent to 85.40 pesos, the lowest level since June 15. The airline expects profit to decline this year due to higher oil prices, President Lance Gokongwei said.
Filinvest Development Corp. (FDC) , which has investments in sugar and property, climbed 1.8 percent to 5.13 pesos, the highest level since May 5. The company said it will lead a group that plans to construct a 300-megawatt power plant in the province of Misamis Oriental for $450 million.
Metro Pacific Investments Corp. (MPI) , which has investments in toll roads, water and hospitals, sank 5 percent to 3.60 pesos, the sharpest loss since Nov. 11. The company said it completed the sale of 2.4 billion shares at 3.60 pesos each. Metro Pacific closed at 3.79 pesos yesterday.
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