Philippine Equity Movers: JG Summit, Metro Pacific, Philex, PNB
The Philippine Stock Exchange Index (PCOMP) rose 1 percent to 5,078.10, the biggest advance since March 16. The benchmark index has increased 16 percent this year, heading for the best quarter since the three months ended September 2010.
JG Summit Holdings Inc. (JGS) , owner of Cebu Air Inc., the largest Philippine budget carrier, advanced 4.7 percent to a record 29.20 pesos. Capital expenditure this year will rise 80 percent to 52.9 billion pesos ($1.23 billion), the company said in a statement.
Metro Pacific Investments Corp. (MPI) climbed 1.5 percent to 4.11 pesos, after posting its steepest drop in two months yesterday. Metro Pacific shares climbed as its partner DMCI Holdings Inc. (DMC) said Japan’s Marubeni Corp. is interested in buying a 20 percent stake in Maynilad Water Services Inc., a joint venture between Metro Pacific and DMCI. The agreement with Marubeni may be signed next week, DMC said.
Philex Mining Co. (PX) , the nation’s biggest metals producer, gained 2.2 percent to 20.80 pesos, the largest gain since Feb. 29. Copper jumped 1.9 percent on the London Metal Exchange yesterday, the largest increase in more than two weeks.
Philippine National Bank (PNB) , also known as PNB, climbed 2.9 percent to 72.20 pesos, the sharpest gain since Jan. 17. The lender said it submitted its application to merge with Allied Banking Corp. to the Philippine central bank and Philippine Deposit Insurance Corp.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org