Philippine Stock-Market Movers: Cebu Air, Globe Telecom, PLDT

Shares of the following companies had unusual price changes in Philippine trading. Stock symbols are in parentheses, and prices are as of 12 p.m. in Manila, unless stated otherwise.

The Philippine Stock Exchange Index slumped 4 percent to 4,157.03, its biggest percentage decline since March, 2009.

Cebu Air Inc. (CEB) retreated 1.1 percent to 80.05 pesos. The Philippines’ largest budget carrier finalized an order to buy 30 Airbus SAS A321neo planes. The contract firms up a memorandum of understanding announced in June, the company said in a statement to the stock exchange yesterday.

Globe Telecom Inc. (GLO) lost 3 percent to 917 pesos. The nation’s second-largest telecommunications company said in a statement regulator National Telecommunications Commission must revoke licenses issued to Philippine Long Distance Telephone Co. (TEL) and units amid an issue on its foreign ownership. PLDT dropped 5 percent to 2,244 pesos, the biggest drop since Nov. 5.

To contact the reporter on this story: Cecilia Yap in Manila at cyap19@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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