Philippine stocks close above 6,000

Posted at 01/20/2014 6:07 PM

MANILA, Philippines - Philippine stocks closed above 6,000 for the first time in nearly two months, led by Philex, Megaworld and BPI, even as a slowing China economy dragged Asian markets.

The Philippine Stock Exchange index (PSEi) rose 0.3% to 6,005.60 as the peso extended its decline, boosting optimism OFWs will spend more as their dollars exchange for more pesos.

Energy Development Corp. rose 1.5% to P5.38 after the company confirmed a newspaper report that it expects all plants to be back online by the third quarter. But it suggested that may be conservative because of "great progress" manufacturing the parts it needs.

EDC's parent company Lopez Holdings rose 2.9% as well.

Top Frontier, one week old on the Philippine Stock Exchange on Monday, rose 3.5% to P77.50 as it disclosed that co-owner Ramon Ang bought an additional 44,500 shares on the day the company listed.

Bloomberry also rose after a court granted a petition to suspend the sale of a disputed 9% stake by ex-managers of Solaire.

Meanwhile, Alphaland, controlled by Roberto Ongpin, got a trading halt after the company informed the PSE that public ownership may have fallen below the 10% minimum. The PSE requires at least 10% public ownership to help ensure investors can get in and out of the stock.

Next Stage rose 50%, the maximum for a day after last week saying it would be the vehicle for a backdoor listing by Vu-Qo. Vu-Qo supplies a coconut-based vodka to Playboy Enterprises and says it would use a backdoor listing to raise money for expansion, including building its own brands.

At the foreign exchange market, the peso weakened by 12 centavos against the dollar in thin trade. It closed at P45.12 to the dollar.