Philippines Stocks: Ayala, Filinvest, International Container
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of 10:54 a.m. in Manila.
The Philippine Stock Exchange Index lost 1.98 points, or less than 0.1 percent, to 4,478.03.
Builders: Filinvest Land Inc. (FLI) , a residential property developer, advanced 1.6 percent to 1.25 pesos, set for the sharpest gain since July 4. Megaworld Corp. (MEG) , a builder of residential and office towers, jumped 3.9 percent to 2.12 pesos, bound for the highest close since June 1. Ayala Land Inc. (ALI) , the nation’s biggest developer, climbed 1 percent to 16.36 pesos, heading for the highest close since May 12.
Banco de Oro Unibank Inc. Chief Investment Officer Marvin Fausto said he’s been buying real-estate stocks on expectation the introduction of real-estate investment trusts and peaking inflation will boost property stock valuations. Fausto is the nation’s second-biggest fund manager, helping manage about $12 billion in assets.
International Container Terminal Services Inc. (ICT) , the largest Philippine port operator, sank 4.9 percent to 55.45 pesos, heading for the sharpest loss since May 18, after the company indicated it will sell a block of shares at a discount. The company will sell 31.24 million shares to institutional investors at 55.40 pesos each, a stock-exchange filing showed.
To contact the reporter on this story: Ian C. Sayson in Manila at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org