Philippine Stocks Movers: Apex Mining, Empire East, PhilWeb, SM
The Philippine Stock Exchange Index (PCOMP) rose 1.6 percent to 5,297.99, the sharpest gain since June 18.
Apex Mining Co. Class A shares (APX PM), which are reserved for Filipinos, increased 1.9 percent to 5.30 pesos, its third day of gains. Its Class B shares (APXB PM), which have no ownership restrictions, climbed 4.6 percent to 5.25 pesos, the steepest advance since July 3. The company’s board approved the sale of a total of 188.26 million shares to Vicsal Development Corp., Mindanao Gold Ltd. and Mapula Creek Gold Corp., a stock exchange filing showed.
Empire East Land Holdings Inc. (ELI) jumped 11 percent to 89 centavos, the highest close since July 25, 2007. The builder signed an agreement to take the lead in the development of a 13-hectare residential area in the Manila casino project of Japanese billionaire Kazuo Okada.
Megaworld Corp. (MEG) , which controls Empire East, rose 1.8 percent to 2.26 pesos, the highest close since July 6. Alliance Global Group Inc. (AGI) , parent of Megaworld increased 2.2 percent to 11.94 pesos.
First Philippine Holdings Corp. (FPH) increased 2.1 percent to 78.50 pesos, the highest close since July 10, after the company said it signed an agreement to buy 681.65 million Rockwell Land Corp. (ROCK) shares from San Miguel Corp. at 2.01 pesos each. Rockwell sank 5.2 percent to 3.26 pesos, the sharpest loss since May 16.
PhilWeb Corp. (WEB) , a provider of Internet gaming services, increased 2.7 percent to 14.40 pesos, the highest close since June 19. The company’s first-half net income rose 30 percent to 480 million pesos from a year earlier, a stock exchange filing showed.
SM Investments Corp. (SM) , owner of the nation’s biggest shopping mall operator, advanced 2 percent to 739.50 pesos, the sharpest gain since June 27. The company sustained its earnings momentum in the first three months of 2012 and second-quarter earnings are “a little better than the first,” Chief Financial Officer Jose Sio said.
SM Prime Holdings Inc. (SMPH) , the shopping mall unit of SM Investments, which operates malls in China and the Philippines, climbed 2.8 percent to 13.76 pesos, the highest close since March 20. Macquarie Securities Group analyst Alex Pomento raised his 12-month price target on SM Prime shares to 16.50 pesos from 15.53 pesos.
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