The Philippine Stock Exchange Index (PCOMP) climbed 0.3 percent to 5,219.21, poised for a record close. The market was closed yesterday for a public holiday.
Bank of the Philippine Islands (BPI PM),
the nation’s third-largest bank by assets, rose 1.6 percent to 74.90 pesos. The company said first-quarter net income doubled to 5.8 billion pesos ($137.5 million) from 2.85 billion pesos a year earlier. The bank has a “very positive” outlook for 2012 and is keeping its loan-growth forecast of 12 percent to 15 percent, President Aurelio Montinola said.
Empire East Land Holdings Inc. (ELI) ,
a property developer, gained 2.5 percent to 82 centavos. Empire East has allocated 3 billion pesos for capital expenditure this year to complete ongoing projects, up from 2.3 billion pesos in 2011, the Philippine (PASHR) Star reported, without saying where it obtained the information. A call to Empire East’s office wasn’t answered.
SM Prime Holdings (SMPH) ,
Philippine’s largest shopping mall developer, gained 1 percent to 16.86 pesos. The company is in talks to add five properties in China, the BusinessMirror reported on its website, citing Chief Financial Officer Jeffrey Lim. Most of them will be located in Fujian province, the report said. Lim couldn’t be reached when called at his office.
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