Bloomberg

PHILIPPINE stocks rose for a third day Thursday, extending a rebound from a three-month low, as concern eased the US economy will be derailed by a housing slump. Jollibee Foods Corp. and Filinvest Land Inc. climbed.

“The market is getting direction from the US,’’ said Grace Cerdenia, head of research at 2TradeAsia.com.

“Share prices have also dropped significantly and that makes stocks attractive again.’’

Universal Robina Corp. jumped the most since 2004, after reporting higher profits. International Container Terminal Services Inc. had its biggest gain in almost four weeks after posting its best quarterly earnings in five years.

The Philippine Stock Exchange index advanced 9.29, or 0.3 percent, to 3,385.20, after climbing 3.7 percent in the previous two days. Its August 6 close of 3,256.99 was the lowest since April 20.

US stocks Wednesday advanced for a third day, extending a recovery from a three-week rout, on speculation that the world’s biggest economy may have seen the worst of the fallout arising from rising defaults on subprime mortgages. US stocks also got a boost as sales at wholesalers climbed faster than inventories in June and mortgage applications picked up.

The US is the biggest overseas buyer of Philippine exports and the Southeast Asian nation’s largest source of funds sent home by Filipinos working abroad. Those remittances make up 10 percent of the local economy.

Jollibee, the Philippines’ largest fast-food company, rose P1.50, or 2.9 percent, to P54, the highest in almost four weeks. Filinvest Land, which gets as much as half of its residential sales from overseas Filipino workers, added 4 centavos, or 2.3 percent, to P1.82.

Universal Robina, the country’s largest snacks maker, gained P1.50, or 9.5 percent, to P17.25, its biggest gain since January 2004. The company said profit for the three months ended June 30 was P592 million, about four times more than its net income for the same period of 2006.

International Container Terminal Services, also known as ICTSI, surged P1.50, or 5.2 percent, to P30.50, its biggest gain since July 16. The largest Philippine port operator said Wednesday after the close of trading that second-quarter profit rose 16 percent to P547-million boosted by rising cargo volumes at its overseas units.

Robinsons Land Corp., the second-largest shopping mall operator, advanced 25 centavos, or 1.4 percent, to P18, extending a rebound from its lowest since February. Net income in the three months ended June 30 rose 51 percent to P603.9 million on higher sales at its malls and office and residential projects, the company said.

“Investors are taking positions for a possible rally later in the year,’’ Cerdenia said. “The interest is on stocks that have retraced to oversold levels and those that have generated-better-than expected earnings.’’

Shares worth P5.61 billion were traded, 1.6-percent less than the six-month daily average. Gainers outnumbered losers 99 to 41, with 32 stocks unchanged in the broader market.

The following stocks either rose or fell. Stocks symbols are in brackets after company names.

ABS-CBN Broadcasting Corp. (ABS PM), the largest TV and radio network operator, fell P1.50, or 4.4 percent, to P33, ending a three-day, 13 percent advance. A plan by the company to start its digital-TV service was moved to next year from this year due to delays in installation of some facilities, newspapers reported, citing chief financial officer Jose Miguel Navarrete.

Empire East Land Holdings Inc. (ELI PM), a homebuilder and a unit of Megaworld, jumped 5 centavos, or 6.5 percent, to P82, the biggest gain since June 22. The company said Wednesday that its directors approved a plan to sell shares to existing investors, at a ratio of one for every three shares held. The shares will be sold at P1 each and the proceeds, about P2.6 billion based on 7.88 billion outstanding shares, will be used for expansion, it said.

Manila Electric Co.’s Class A shares (MER PM), equity reserved for Filipinos in the largest Philippine power retailer, rose P2.50, or 2.6 percent, to P99. Its Class B shares (MERB PM), which have no ownership restrictions, added P2.50, or 2.6 percent, to P100. The company said it agreed to buy electric assets from the government, including 140.52 kilometers of power lines, for 230.8 million.

SM Investments Corp., the third-largest company by market value, climbed P15, or 4 percent, to P390. The company said it raised P4.5 billion from the sale of preferred shares, exceeding an original P3 billion target.

PHILIPPINE stocks rose for a third day Thursday, extending a rebound from a three-month low, as concern eased the US economy will be derailed by a housing slump. Jollibee Foods Corp. and Filinvest Land Inc. climbed.

SM Investments generates P4.5B from shares sale

SM Investments Corp., the listed holding firm controlled by shopping mall tycoon Henry Sy, has generated P4.5 billion in proceeds from the issuance of redeemable preferred shares.

The business of managing the wealth of others, also known as trust banking, proved very successful in the case of Chinatrust Commercial Bank in the first seven months of the year.

THERE is that global perception of Filipinos as among the best call center agents in the world, and this latest achievement by a Filipino in the business process outsourcing (BPO) sector proved that the perception is indeed correct.

On its 10th anniversary, Manila Water Co. is going to the tambakan, literally. You see, the Ayala-controlled utility company will now also be servicing all those resettlement sites in the periphery of Metro Manila, such as Montalban.