Philippine Equity Movers: Metropolitan, Philex, SM Development
The Philippine Stock Exchange Index (PCOMP) rose 0.3 percent to 5,218.97, a record close.
Metropolitan Bank & Trust Co. (MBT) , the nation’s second-largest bank by assets, added 1.4 percent to 92.60 pesos, the highest close since April 18. The bank is optimistic on its earnings prospects, Chairman Arthur Ty said. Loan growth was better than expected in the first two months of the year, Vice President Jette Gamboa said.
Philex Petroleum Corp. (PXP) surged 36 percent to a record 33 pesos. Gas reserves in the Service Contract 72 exploration area may be bigger than Malampaya, the Philippines’ biggest gas field, according to Atok-Big Wedge Co. Philex Mining Corp. (PX) , parent of Philex Petroleum, climbed 7 percent to 25.90 pesos, the highest close since Sept. 13.
Philex Petroleum controls Forum Energy Plc, which has a 70 percent interest in Service Contract 72. Atok-Big Wedge owns a company that holds 26 percent of Forum Energy.
SM Development Corp. (SMDC) gained 1 percent to 7.12 pesos, the highest close since March 22. The property company’s capital expenditure will be 20.7 billion pesos ($486 million) this year, compared with 13 billion pesos in 2011, President Rosaline Qua said.
SM Investments Corp. (SM) , the holding company of Philippine billionaire Henry Sy, increased 2.2 percent to 697 pesos, the highest close since the shares began trading in March 2005, after reporting first-quarter net income rose 13 percent to 6 billion pesos.
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