Philippine Stocks: Filinvest Land, Puregold, Tanduay, MegaworldIan 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 rose 0.6 percent to 4,368.88, the highest close since Sept. 5. The measure has risen 4 percent this year, the second-best performer among Asian benchmark indexes.
Developers: Filinvest Land Inc. (FLI PM) advanced 1.9 percent to 1.06 pesos, the sharpest gain since Nov. 8 after central bank Governor Amando Tetangco said the regulator doesn’t see any signs of an asset price bubble in property amid “big demand” for homes. Megaworld Corp. (MEG PM), which has an 18 percent market share for residential condominiums, climbed 3 percent to 1.74 pesos, the sharpest increased since Nov. 15.
Puregold Price Club Inc. (PGOLD PM), the nation’s second-largest operator of hypermarkets and supermarkets, increased 1 percent to 18.20 pesos. The stock surged as much as 3.2 percent earlier today to a record high. The company plans to spend 10 billion pesos ($228 million) to double its stores to 200 branches by 2016, Chairman Lucio Co said in an interview.
Tanduay Holdings Inc. (TDY PM), the nation’s biggest rum-maker, advanced 2.4 percent to 4.28 pesos, the sharpest gain since Nov. 29. The company said it will pay 20 centavos a share in dividends, its highest payout since 2005, according to data compiled by Bloomberg.