Philippine Stocks: JG Summit, Megawide, Philippine Long Distance
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 increased 1 percent to 4,348.50, the first gain in four trading days. The gauge lost 3.4 percent this month, the most since January.
Megawide Construction Corp. (MWIDE PM) advanced 1.8 percent to 10.30 pesos, the sharpest gain since Aug. 10. The company said it’s in talks with prospective partners for infrastructure projects that the government will open for tender.
MRC Allied Inc. (MRC) , a property developer, climbed 3.1 percent to 33.5 centavos, the sharpest advance since Aug. 15. The company said it signed a 140 million-peso ($3.3 million) mines operations agreement for a property on the southern Philippine island of Mindanao.
Philippine Long Distance Telephone Co. (TEL) , the nation’s biggest company by market value, increased 2.1 percent to 2,390 pesos, the biggest contributor to the benchmark index’s gain today. JG Summit Holdings Inc. (JGS) President Lance Gokongwei said he remains “optimistic” over Philippine Long Distance’s plan to acquire Digital Telecommunications Philippines Inc. (DGTL PM).
Digital, owned by JG Summit, climbed 1.3 percent to 1.51 pesos, its first gain in three trading days. JG Summit jumped 1.7 percent to 24 pesos, the sharpest advance since Aug. 10.
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