Philippine Stocks: Alliance, Bank of the Philippine, Bloomberry
The Philippine Stock Exchange Index (PCOMP) climbed 0.5 percent to 5,228.84, a record close. The market was closed yesterday for a public holiday.
Alliance Global Group Inc. (AGI) rose 5.2 percent to 13 pesos, the most since March 15. Travellers International Hotel Group, a joint venture between Alliance and Genting Hong Kong Ltd., said it expects visitors at its Resorts World Manila to rise to as many as 25,000 a day this year from between 18,000 to 20,000, helped by the opening of its budget hotel.
Bank of the Philippine Islands (BPI PM), the nation’s third-largest bank by assets, gained 1.7 percent to 74.95 pesos. The company said first-quarter net income doubled to 5.8 billion pesos ($137.5 million) from 2.85 billion pesos a year earlier. The bank has a “very positive” outlook for 2012 and is keeping its loan-growth forecast of 12 percent to 15 percent, President Aurelio Montinola said.
Bloomberry Resorts Corp. (BLOOM) , which is building a casino in the Philippine capital, sank 25 percent to 9.01 pesos, the sharpest drop since Nov. 25, after it sold shares at a discount. Bloomberry expects to raise about $210 million from the stock offer consisting of 1.18 billion shares at 7.50 pesos each, it said in a disclosure today.
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