Philippine Stocks: Aboitiz Equity, Philex Mining, Union Bank
The Philippine Stock Exchange Index (PCOMP) fell 0.8 percent to 4,893.48.
Metropolitan Bank& Trust Co. (MBT) , the nation’s second- largest bank by assets, increased 0.6 percent to 84.60 pesos, the first gain in three days. Philippine Savings Bank (PSB) , a unit of the lender, posted a 2 billion peso ($47 million) profit in 2011, a stock exchange filing showed. Philippine Savings, which didn’t trade today, posted a 1.8 billion peso net income in 2010, according to data compiled by Bloomberg News.
Philex Mining Corp. (PX) , the largest Philippine metals producer, gained 1 percent to 21.25 pesos, the highest close since Feb. 13. The company is looking at expansion “opportunities here and abroad,” Mike Toledo, Philex’s corporate affairs and media relations, said. Philex Petroleum Corp. (PXP) (PXP PM), a unit of the company, separately said its venture Forum Energy Plc posted a $3.4 million profit last year compared with a loss in 2010.
Union Bank of the Philippines (UBP PM) climbed 25 percent to 115 pesos, the highest close based on prices going back to July 1992 on speculation it provides a “good merger and acquisition play,” according to Daniel Picache, an analyst at DBP-Daiwa SB Capital Markets Philippines. Aboitiz Equity Ventures Inc. (AEV) , Union Bank’s largest shareholder, increased 2 percent to 52 pesos, the highest close based on prices going back to November 1994.
Union Bank Chairman Justo Ortiz and President Victor Valdepenas couldn’t be reached for comment in their offices. Mobile phone calls and phone messages to Valdepenas and Director Erramon Aboitiz were unanswered.
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