Philippine Stocks: Manila Electric, Philippine National Bank
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.
The Philippine Stock Exchange Index decreased 1.4 percent to 4,157.26, snapping an eight-day rally. The measure posted its sharpest loss since Oct. 3.
Manila Electric Co. (MER) , the nation’s biggest power retailer, declined 2.8 percent to 240 pesos, its first loss in three days, after CitisecOnline.com Inc. analyst George Ching cut 2011 and 2012 profit forecasts for the power distributor.
Metro Pacific Investments Corp. (MPI) retreated 1.6 percent to 3.07 pesos. Metro Pacific Tollways Corp., operator of the nation’s longest tollroad and a unit of the company, said it will likely miss its 7 billion-peso ($162 million) revenue target this year because of higher fuel costs, toll fees and bad weather.
Philippine National Bank (PNB) sank 3.5 percent to 55 pesos, the first drop in nine days, after the stock was cut to “hold” from “buy” by Katherine Tan, an analyst at ATR KimEng Securities Inc. Philippine National posted its sharpest decrease since Sept. 26.
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