Philippine Stock Movers: APC, Manila Electric, Metro Pacific
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.
The Philippine Stock Exchange Index (PCOMP) rose 1.1 percent to 5,022.95.
APC Group Inc. (APC) rose 3.2 percent to 65 centavos, the steepest gain since May 16. The energy and mining company may revive a $200 million cement-manufacturing plant project in the central province of Cebu, a stock filing showed.
Manila Electric Co. (MER) increased 3 percent to 244 pesos, the highest close since May 14. The nation’s biggest power retailer said the generation charge, which accounts for more than half of a costumer’s total electricity bill, will rise this month after spot market prices more than doubled. Electricity demand in its franchise area reached a new high of 5,633 megawatts in May, it said.
Metro Pacific Investments Corp. (MPI) rose 3.2 percent to 4.22 pesos after the company said it bought an additional 282.2 million preferred shares in Beacon Electric Assets Holdings Inc., increasing its investment in Manila Electric’s largest shareholder to 11.57 billion pesos.
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