PHILIPPINE stocks were little changed Monday. SM Investments Corp. (SMIC) climbed to a four-month high on speculation the opening of new stores would boost earnings.

‘The future income stream is boosting interest in the stock,’ said Jofer Gaite, who helps manage 9 million in equities at the Government Service Insurance System. ‘They are getting rewarded for achieving their plans.’

Ayala Land Inc. fell on speculation demand for the shares would moderate with the share sale of ival Robinsons Land Corp.

The Philippine Stock Exchange Index added 0.03 point to 2,531.68 at the noon close in Manila, after slipping as much as 0.2 percent in earlier trading.

SM Investments, the nation’s largest retailer, advanced P8, or 3.4 percent, to P245, its highest close since May 12. SM Prime Holdings Inc., its unit and the nation’s largest shopping mall operator, added 10 centavos, or 1.2 percent, to P8.40.

SMIC opened its 29th department store and 27th supermarket at the weekend. Both retail shops are located in a shopping mall operated by SM Prime.

Ayala Land, the nation’s largest builder, lost 25 centavos, or 1.7 percent, to P14.75. The stock is trading at 37 times prospective earnings in the next 12 months, more than twice that of rival Robinsons Land, according to Bloomberg data.

Robinsons Land is valued at 17 times earnings based on the P12 share price that the company and its three shareholders are selling a 30-percent stake in the builder. The shares are being sold at a 7.7-percent discount to the stock price on September 22. Robinsons Land shares are suspended from trading until October 4.

‘This is an attractive price,’ said Junie Banaag, who helps manage more than million in equities at First Metro Investment Corp. in Manila. He said he would buy some Robinsons Land shares and that the sale may ‘temporarily’ lure investors’ attention away from other builders.

Separately, Class A shares of Lepanto Consolidated Mining Co., equity reserved for Filipinos in the nation’s second-largest miner by market value, gained 0.5 centavos, or 2 percent, to 25. Its Class B shares, which have no ownership restrictions, gained one centavo, or 3.5 percent, to 30.

Class A shares of Manila Mining Co., a unit of Lepanto, rose 0.1 centavo, or 4.4 percent, to 2.4. Its Class B shares added 0.1 centavo, or 3.7 percent, to 2.8.

Shares worth P1.29 billion were traded, 31 percent less than the six-month daily average. Gainers beat losers 37 to 33 with 69 stocks unchanged in the broader market.