Philippine Stocks: Alliance, BPI, Manila Electric, SM Prime
The Philippine Stock Exchange Index (PCOMP) gained 3.1 percent to 5,017.02, the biggest advance since Sept. 30. The measure ended a six-day retreat.
Alliance Global Group Inc. (AGI) , which has investments in property, liquor and casino, advanced 4.3 percent to 12.50 pesos, ending a five-day retreat. The company’s first-quarter core profit rose 34 percent to 2.96 billion pesos ($69 million).
Bank of the Philippine Islands (BPI PM), the nation’s largest bank by market value, climbed 2.6 percent to 68.25 pesos, the sharpest advance since March 22. The stock’s 12-month share price target was raised to 77 pesos from 70 pesos at Maybank ATR Kim Eng Securities Inc.
Lopez Holdings Corp. (LPZ) jumped 6.4 percent to 5.50 pesos, the most since March 16. The company’s first-quarter profit surged to 2.63 billion pesos ($61 million) from 902 million pesos a year ago, a stock exchange filing showed.
Manila Electric Co. (MER) gained 4.5 percent to 230 pesos, snapping a four-day, 14 percent slump. The stock’s relative strength index, which measures how rapidly prices have advanced or declined during a specified time period, slid to 20.07 yesterday. Some analysts see a reading of less than 30 as a signal that a security is about to climb.
SM Prime Holdings Inc. (SMPH) , the nation’s largest shopping mall operator, advanced 4.1 percent to 16.20 pesos, the largest advance since March 16. The company will “sustain” profit growth this year, Chief Financial Officer Jeffrey Lim said in a forum in Manila. Profit grew 11 percent in 2011 net of its malls in China, Lim said. SM Investments Corp. (SM) , parent of SM Prime, gained 2.6 percent to 696 pesos, the most since April 2.
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