Philippine Stocks: Aboitiz Power, Energy Development, Semirara
The Philippine Stock Exchange Index (PCOMP) rose 2.4 percent to 5,050.41, the biggest gain since May 17.
Metals producers: Semirara Mining Corp. (SCC) , the largest coal producer in the Philippines, jumped 8 percent to 216 pesos, the biggest gain since October 2010. Philex Mining Corp. (PX) rallied 5.3 percent to 23.70 pesos, the biggest advance since April 26.
Interest rates will be stable and inflation remains well anchored, central bank Governor Amando Tetangco said in a speech in Manila. The central bank kept its benchmark overnight borrowing rate at 4 percent last week, matching a record low.
Power stocks: Aboitiz Power Corp. (AP) jumped 3 percent to 32.75 pesos, its biggest gain since March 2. Energy Development Corp. (EDC) advanced 3.1 percent to 6.06 pesos. Electricity prices may rise in August, Energy Secretary Jose Rene Almendras said in a briefing on June 15. Power plants fueled by Royal Dutch Shell Plc’s Malampaya gas will have to use more expensive liquid condensates as the gas facility will be shut, Almendras said.
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