Philippine Stocks: Manila Electric Gains, PAL Holdings Declines
The Philippine Stock Exchange Index decreased 25.20, or 0.6 percent, to 4,197.92 as of 12:18 p.m. in Manila, the first loss in five days.
Manila Electric Co. (MER PM), the Philippines’ largest power retailer, rose 3.1 percent to 200 pesos. The stock was set for its highest close since Nov. 10 on speculation the company will pass on cost savings from lower generation costs to customers, boosting power demand.
Manila Electric yesterday said prices it pays for supplies from the wholesale electricity spot market, which account for about 60 percent of the total electricity tariff, will drop to 4.97 pesos per kilowatt-hour from 5.29 pesos in November.
PAL Holdings Inc. (PAL PM), owner of the nation’s biggest carrier, dropped 4.8 percent to 4 pesos, set for the lowest close since Nov. 9. The company’s unit Philippine Airlines Inc. said its workers’ union filed a notice to vote on a possible strike action. The notice filed by the labor union with the National Conciliation and Mediation Board “is without basis,” Philippine Airlines said in a statement yesterday.
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