Philippine Stocks: Energy Development, Manila Electric, PLDT
The Philippine Stock Exchange Index (PCOMP) rose 0.4 percent to 4,820.43, after losing 2.7 percent in the past three days.
Energy Development Corp. (EDC) , the nation’s biggest electricity producer using geothermal energy, increased 3.7 percent to 5.08 pesos. The gain, the sharpest since Sept. 28, snapped a five-day, 14 percent slump. The stock’s 14-day relative strength index, a gauge of how rapidly shares of risen or fallen, sank to 14 yesterday, below the 30 level that some investors use as a signal to buy.
Manila Electric Co. (MER) , the nation’s largest power retailer, decreased 3.6 percent to 255.60 pesos, the steepest loss since Nov. 29. The company’s core profit will reach 15 billion pesos this year, little changed from the 14.9 billion pesos posted in 2011 because the utility failed to obtain an increase in distribution rates from regulators, President Manuel Pangilinan said.
Philippine Long Distance Telephone Co. (TEL) , the nation’s biggest company by market value, advanced 1.8 percent to 2,850 pesos, the first gain in four days. Chairman Manuel Pangilinan said PLDT, the nation’s biggest company by market value, met its 2011 profit estimate.
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