Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index fell 2.1 percent to 4,219.35, the most since Aug. 9.
Builders: Ayala Land Inc. (ALI) , the nation’s largest developer, declined 3.2 percent to 15.30 pesos, the sharpest loss since Aug. 9, on speculation borrowing costs may rise after the yield on the government’s 91-day and 364-day notes increased from record lows at an auction yesterday. SM Development Corp. (SMDC) a residential towers builder, sank 2.7 percent to 8.44 pesos, the steepest loss since Sept. 12. SM Prime Holdings Inc. (SMPH) , the nation’s biggest shopping mall builder, retreated 6.3 percent to 12.20 pesos, the sharpest loss since Nov. 30.
Yields on the government’s 91-day notes climbed to 0.69 percent and that of the 364-day notes increased to 1.133 percent yesterday.
PAL Holdings Inc. (PAL) , which owns Philippine Airlines Inc., sank 3.2 percent to 6.12 pesos, the sharpest loss since Aug. 25. Philippine Long Distance Telephone Co. (TEL) is not buying Philippine Airlines, BusinessMirror reported, citing President Napoleon Nazareno. PAL jumped 3.6 percent yesterday after the Philippine Daily Inquirer reported that Philippine Long Distance Chairman Manuel Pangilinan may be a “white knight” for Philippine Airlines. Nazareno and Pangilinan couldn’t be reached at their offices for comment. Philippine Long Distance decreased 1 percent to 2,294 pesos.
Sta. Lucia Land Inc. (SLI PM) climbed 5 percent to 84 centavos, set for the steepest advance since Sept. 8. The Manila-based property company will defer a $150 million “follow-on” share sale plan, it said.
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