Philippine Stocks: A Brown, Megaworld, San Miguel, SM PrimeIan C. Sayson
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 decreased 0.4 percent to 4,211.04, the lowest close since Nov. 3.
Property Builders: Megaworld Corp. (MEG PM), a builder of residential and office towers, rose 1.7 percent to 1.80 pesos, ending a seven-day losing streak, after the government said it won’t allow “big adjustments” in borrowing costs and Filinvest Land Inc. President Joseph Yap forecast “steady growth” in the real-estate market. SM Prime Holdings Inc. (SMPH PM), the nation’s largest builder of malls, rose 2.3 percent to 12.66 pesos, the sharpest gain since Nov. 8. Belle Corp. (BEL PM) advanced 1.7 percent to 4.11 pesos.
A Brown Co. (BRN PM) jumped 5.8 percent to 2.19 pesos, the sharpest gain since Nov. 14. The company will buy a 23 percent stake in PhiGold Ltd. for $5 million, a stock-exchange filing showed. The exchange said it suspended the shares “pending compliance by the company with requirements” on disclosure rules related to substantial acquisitions.
San Miguel Corp. (SMC PM), the nation’s biggest food and drinks company, sank 2.3 percent to 122.80 pesos, the sharpest loss since Nov. 10, after Marco Sardillo, executive director of the Presidential Commission on Good Government, said the solicitor general will ask the Supreme Court to reinstate its appeal against a ruling upholding Chairman Eduardo Cojuangco’s ownership of 20 percent of the company.
The Supreme Court ruled in July that the government had failed to prove its case that Cojuangco had used public money he managed in the 1980s to build a stake in San Miguel. He left the country with former dictator Ferdinand Marcos in 1986 and was reinstated as San Miguel chairman in 1998, when Joseph Estrada was president.