The Philippine Stock Exchange Index decreased 0.8 percent to 4,227.88, the lowest close since Nov. 3.
Alliance Global Group Inc. (AGI) fell 1.4 percent to 10.14 pesos, after the Philippine Star cited President Kingson Sian as saying the company’s joint venture with Genting Hong Kong Ltd. will spend $1.1 billion on a casino-hotel resort in Manila. The stock sank as much as 2.7 percent earlier today.
“The massive capital expenditures would lead to a capital call on the part of Alliance to fund this investment and this comes when the global outlook remains uncertain,” Macquarie Group Ltd. analyst Alex Pomento said by phone. Sian couldn’t be reached in his office for comment.
Alsons Consolidated Resources Inc. (ACR) advanced 4.2 percent to 1.25 pesos, the highest close since Nov. 18, as the company said it may spend $200 million to build a power plant in the Philippine province of Sarangani. The company is also interested in bidding for power-supply contracts in Saipan and Guam, it said in a statement to the stock exchange.
Holcim Philippines Inc. (HLCM) , the nation’s largest cement producer, decreased 4.2 percent to 7.95 pesos, the lowest close since Sept. 8, 2010. The government said construction shrank 12 percent in the third quarter, following a 23 percent decline in the previous three months.
Metro Pacific Investments Corp. (MPI) declined 2.3 percent to 3.40 pesos, the sharpest loss since Nov. 3, after the company said it may bid for the Philippine Orthopedic Center that the government plans to upgrade through its so-called public-private partnership program.
To contact the editor responsible for this story: Darren Boey at email@example.com