Philippine Stock Movers: DMCI, Manila Electric, Robinsons Land
The Philippine Stock Exchange Index (PCOMP) rose 1.5 percent to 4,679.89, trimming this week’s loss to 1.4 percent. The measure posted its steepest weekly decline since Nov. 4.
DMCI Holdings Inc. (DMC) , the nation’s largest construction company, advanced 3 percent to 44.40 pesos, the sharpest gain since Jan. 16. The stock’s 12-month share price estimate was raised 18 percent to 50 pesos by Philip Felix, an analyst at Philippine Equity Partners Inc. The brokerage kept its “buy” rating on the stock, according to a report today.
Manila Electric Co. (MER) , the largest Philippine power retailer, increased 4.2 percent to 274 pesos, the most since Dec. 13. The company will start its prepaid service this year, BusinessMirror reported, citing Senior Vice President Alfred Panlilio. Panlilio was in a meeting and wasn’t available for comment.
Robinsons Land Corp. (RLC) , the nation’s second-largest shopping mall developer, climbed 4.7 percent to 13.82 pesos, the highest close in a week. The Philippine builder said it plans to open four budget hotels in the first half of the year.
Security Bank Corp. (SECB) gained 1.5 percent to 107.60 pesos, snapping a three-day retreat. The bank won central bank approval to open 50 branches by 2014, Philippine Star reported, citing President Alberto Villarosa. Villarosa couldn’t be reached in his office for comment.
To contact the reporter on this story: Ian Sayson in Manila at firstname.lastname@example.org
To contact the editor responsible for this story: Richard Frost at email@example.com