Philippine Stocks: Ayala, First Philippine, Manila Electric
The Philippine Stock Exchange Index (PCOMP) rose 1.4 percent to 5,023.11, the highest close since May 14. The measure is heading for a 3.5 percent loss this month, poised for its first monthly decline since November.
Ayala Corp. (AC) , owner of the nation’s largest property developer, climbed 6 percent to 442 pesos, the sharpest gain since Feb. 2. The company’s board approved 2 pesos a share in dividend, higher than the 1.67 peso Bloomberg dividend forecast.
First Philippine Holdings Corp. (FPH) added 1.4 percent to 70.95 pesos, the highest close since January 2008. The company plans to add between 400 megawatts and 500 megawatts of power-generating capacity in two to three years, BusinessMirror reported, citing Chief Financial Officer Giles Puno. First Gen Corp. (FGEN) and Energy Development Corp. (EDC) , the company’s units, plan to spend about $3 million a megawatt for hydropower and wind facilities, the report said. Puno couldn’t be reached for comment at his office.
First Gen gained 1.7 percent to 15.54 pesos, the highest close since April 2008.
Manila Electric Co. (MER) , the nation’s largest power retailer, climbed 1.8 percent to 228 pesos, snapping a two-day retreat. The stock’s rating was raised to hold from underperform at Daiwa Securities Co.
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