Philippine Stocks: IPVG, PAL Holdings, SM Investments Corp.
The Philippine Stock Exchange Index (PCOMP) fell 0.8 percent to 4,483.36, snapping a five-day gain. The benchmark gauge trimmed this week’s increase to 2.6 percent, the most since the week ended Oct. 28.
IPVG Corp. (IP PM) advanced for a fifth day, adding 0.7 percent to 1.39 pesos, after getting approval to boost its capital. The stock surged as much as 6.5 percent earlier today. The company’s board approved the sale of as many as 400 million shares at 1 peso each to a trust account managed by BDO Private Bank Inc., a stock exchange filing showed.
PAL Holdings Inc. (PAL) , owner of Philippine Airlines Inc., rose 8 percent to 7.68 pesos, the highest close since Jan. 17. San Miguel Corp. said it’s still in discussions with the “controlling shareholder” of Philippine Airlines for an investment. PAL Holdings, in a separate statement, said it has no knowledge of the discussions.
SM Investments Corp. (SM) , the holding company of Philippine billionaire Henry Sy, declined 2 percent to 559 pesos, the sharpest loss since Nov. 10. SM Land Inc., a unit of the company, submitted a revised offer to develop a 33.1 hectare (82 acre) military site in Bonifacio that the government is evaluating, BusinessWorld reported, citing Arnel Casanova, president at Bases Conversion Development Authority, the state agency in charge with the asset’s privatization. Casanova couldn’t be reached at his office for comment.
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