The Philippine Stock Exchange Index rose 12.58, or 0.7 percent, to 1,869.92 at the noon close in Manila, rebounding from a 4.8 percent drop last week.
The following companies were among the most active in Philippine trading. Stock symbols are in parentheses after company names.
A. Brown Co. (BRN PM), an investor in National Grid Corp. of the Philippines, fell 5 centavos, or 1.5 percent, to 1.45 pesos. National Grid may sell up to 20 percent of itself to the public, Philippine Star reported National Grid President and A. Brown Chairman Walter Brown as saying.
Ayala Land Inc. (ALI PM) fell 10 centavos, or 1.4 percent, to 7 pesos on speculation demand for office space will slow. Outsourced operations will employ 700,000 Filipinos instead of a targeted 1 million by 2010 as the global recession damps corporate demand, BusinessMirror reported citing Canadian-based information technology consultant XMG Inc.
Petron Corp. (PCOR PM), the larger of two oil refiners in the country, rose 40 centavos, or 8.3 percent, to 5.20 pesos amid speculation San Miguel Corp. may offer to buy the rest of the company if it exercises its option to buy 50.1 percent. San Miguel would pay 6.85 pesos a share in a tender offer, the same price it would pay for the 50.1 percent stake. As well, crude oil retreated from a two-week high, reducing procurement costs.
Philex Mining Corp. (PX PM), the largest local producer of copper, climbed 5 centavos, or 1.2 percent to 4.40 pesos. Copper futures surged 5.4 percent on Jan. 23, after gold jumped 6.7 percent to $895.80 an ounce last week. (Bloomberg)
