Philippine Equity Movers: ABS-CBN, Alliance, IPVG, JG Summit
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.
The Philippine Stock Exchange Index increased 0.2 percent to 4,363.73, the highest close since Sept. 5.
ABS-CBN Corp. (ABS) , the nation’s biggest broadcaster, climbed 1.6 percent to 31.50 pesos, the steepest gain since Oct. 10, after Chief Financial Officer Rolando Valdueza said net income will rebound in 2012 and Philippine Equity Partners Inc. analyst Philip Felix raised the stock’s rating to “hold” from “sell.”
Alliance Global Group Inc. (AGI) advanced 1.9 percent to 10.50 pesos. Nine-month net income rose 84 percent from a year earlier to 9.9 billion pesos ($228 million), the company said in a statement to the stock exchange.
IPVG Corp. (IP) declined 3.9 percent to 1.98 pesos, the lowest close since Nov. 3. The company posted a nine-month loss of 304 million pesos because of the sale of shares in units and impairment charges, an exchange filing showed. The stock dropped 6.8 percent yesterday, before the company announced the loss.
JG Summit Holdings Inc. (JGS) fell 2.3 percent to 25 pesos, the sharpest loss since Nov. 2. The company posted a 40 percent decline in nine-month profit as earnings at its units Digital Telecommunications Philippines Inc. and Cebu Air Inc. (CEB) decreased. Cebu Air, which reported a 54 percent drop in nine-month profit, decreased for a fourth day, losing 0.7 percent to 72 pesos, the longest losing streak since the five days ended Sept. 26.
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