|
PHILIPPINE stocks fell, sending the index to its lowest
close in 17 months, after oil advanced to a record,
stoking speculation the central bank will raise interest
rates to contain inflation.
Ayala
Corp. and First Gen Corp. led the slide among the
nation’s biggest companies. Ayala Land Inc. dropped on
speculation that higher interest rates will hurt
property sales. Lepanto Consolidated Mining Co. paced
the decline among metal producers on concern higher oil
will boost energy costs.
“Fears
of rising prices and interest rates are sending stocks
lower,” said Jonathan Ravelas, a strategist at
Manila-based Banco De Oro Unibank Inc., which has about
$3.7 billion in assets under management. “The
Philippines is very vulnerable to the secondary effect
of rising oil costs.”
The
Philippine Stock Exchange index declined 38.49, or 1.4
percent, to 2,739.44 at the close, its lowest since
November 2, 2006. The measure is down 29 percent since
it closed at a record 3,873.50 on October 8.
Ayala,
which owns the nation’s largest builder and bank by
market value, dropped P15, or 4.9 percent, to P292.50,
its biggest loss since January 16. First Gen, the
biggest local power producer, declined P2.50, or 6.3
percent, to P37.
Crude
oil recently traded 0.7 percent higher at $119.32 a
barrel, after rising to a record $119.93 after hours.
The Philippines imports most of its oil, and its
inflation rate this year has exceeded estimates, the
central bank said last week.
Ayala Land,
the nation’s largest builder, lost 35 centavos, or 3.4
percent, to P9.90, its biggest decline since March 10
and the biggest mover in the Property index Monday. SM
Prime Holdings Inc., the nation’s largest shopping-mall
operator, lost 20 centavos, or 2.7 percent, to P7.20,
its sharpest slide since April 9.
The
following shares are among the most active in the
Philippine market Monday. Stock symbols are in brackets
after company names.
Mining
stocks: Lepanto’s Class A shares, equity reserved for
Filipinos in the company that owns the biggest
Philippine gold mine, dropped 3 centavos, or 10 percent,
to 27 centavos. Philex Mining Corp., the nation’s
biggest miner by market value, declined 10 centavos, or
1.5 percent, to P6.40, the lowest since March 27. Atlas
Consolidated Mining & Development Corp. (AT PM), a
copper and nickel producer, lost 25 centavos, or 2
percent, to P12, extending a 3.9-percent slide the
previous session.
ABS-CBN
Broadcasting Corp. (ABS PM), the second-largest
Philippine TV and radio network operator by value, fell
P1, or 4.2 percent, to P23, its sharpest slide since
March 24. The company is one of four that will be
removed from the index starting May 26, the Philippine
Stock Exchange said.
CitisecOnline.com Inc. (COL PM), a provider of online
stock-trading services, dropped 40 centavos, or 5.5
percent, to P6.90, its biggest loss in three days on
concern that a continued slide in equities will prompt
investors to shun stock trading.
DMCI
Holdings Inc. (DMC PM), the largest Philippine
construction company, dropped 20 centavos, 3 percent, to
P6.40, its lowest since March 7, 2007. The company will
lose its slot in the index next month.
Petron
Corp. (PCOR PM), the nation’s biggest oil refiner, lost
10 centavos, or 1.8 percent, to P5.50, bound for its
lowest close since February 18. The refiner is one of
four stocks that will be deleted from the index starting
May 26, the Philippine Stock Exchange said.
Vista
Land & Lifescapes Inc. (VLL PM), the fourth-largest
builder by market value, jumped 20 centavos, or 6.9
percent, to P3.10, the highest in 10 days. The stock is
one of four that the exchange will add to the main index
next month. (Bloomberg) |
