PHILIPPINES – After declining 25 percent on Monday’s trading, Keppel Philippines Properties (PSE:KEP)’s stock rallied in today’s session at the Philippine Stock Exchange to gain 33.06 percent, the highest gain for all of the stocks traded at the Philippine bourse.
Keppel Philippines Properties, which is engaged in the acquisition and development of suitable land sites for residential, office and commercial use, saw its stock trading at Php4.79 apiece, up Php1.19 from Monday’s closing.
The stock opened higher at Php4.79 from the previous close of Php3.60 and stayed on the price until the closing bell. A total of 13,000 Keppel Philippines Properties (PSE:KEP)’s shares exchanged hands today with a value of Php62,270.
Keppel Philippines Properties has been asked by the Philippine Stock Exchange to explain the unusual price movement of its stock. On September 22, Keppel Philippines Properties told the Philippine Stock Exchange that it was not aware of any material information that could have affected the value and trading of its stock.
The bourse sought the explanation of the company on the unusual price movement in the trading of Keppel’s shares at 9:54:27 a.m. September 22, 2015. The share price of KEP increased from PhP3.20 to PhP4.80 per share.
Keppel Philippines Properties, Inc. (PSE:KEP) was originally incorporated on February 7, 1918 under the name Hoa Hin Co., Inc., then renamed Cebu Shipyard and Engineering Works, Inc. in 1957, and then to its present name in 1998. The Company holds investments in associates involved in property holding and development, and renders property management consultancy services to these associates. – BusinessNewsAsia.com