Philippine Equity Movers: Empire East Land, Manila Electric Co.
The Philippine Stock Exchange Index (PCOMP) gained 1 percent to 5,352.85, heading for its highest close on record.
Empire East Land Holdings Inc. (ELI) increased 1.3 percent to 81 centavos, poised for the highest close since May 4. The company is interested in bidding for the property owned by Food Terminal, the Philippine Star reported, citing Empire East President Charlemagne Yu. Yu couldn’t be reached for comment in his office.
Manila Electric Co. (MER) , the nation’s biggest power retailer, advanced 1.2 percent to 260 pesos, heading for the highest close since May 4. The stock gained for a ninth day, the longest rally since February 2009. The provincial government of Zambales may support a coal-fired power plant that Manila Electric and its partners plan to build in the province, BusinessMirror reported, citing provincial Governor Hermogenes Ebdane Jr.
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