The Philippine Stock Exchange Index declined 43.91, or 1.1 percent, to 4,053.58 at the noon close in Manila, the lowest level since Sept. 20. The measure completed a 3.6 percent loss this week.
Filinvest Development Corp. (FDC PM), which has investments in real estate, retreated for a sixth day, losing 0.9 percent to 4.45 pesos. That’s the lowest close since Sept. 23. The company may sell as many as 3 billion shares, according to a stock exchange filing.
Interport Resources Corp.’s Class A stock (IRC PM), shares in the property developer that only Filipinos can own, jumped 18 percent to 85 centavos, the steepest gain since Sept. 6. Its Class B shares (IRCB PM), which have no ownership restrictions, climbed 18 percent to 80 centavos. The company sold its Apo Island property, raising funds for real estate projects, a stock exchange filing showed.
Metro Pacific Investments Corp. (MPI PM), which has investments in toll roads, water and energy, sank 4.6 percent to 3.56 pesos, the lowest since Sept. 7. The company said today it’s in the process of acquiring Fil Estate Group’s stake in companies that operate the Philippine capital’s mass railway transit system. Metro Pacific also said that about $700 million is needed to upgrade the railway.
Philex Mining Corp. (PX PM), the largest Philippine metals producer, decreased 0.7 percent to 13.50 pesos, the lowest since Sept. 16. The stock fell as much as 5 percent earlier today. The company said it agreed to give a three-year, $10 million credit facility to its wholly owned unit Forum Philippine Holdings Ltd. to help it fund its share of the cost of a gas project.
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