The Philippine Stock Exchange Index fell 0.6 percent to 4,361.43, snapping a seven-day rally. The measure is set for a 3.8 percent gain this year, its third consecutive annual advance.
Abacus Consolidated Resources & Holdings Inc. (ABA) added 1.1 percent to 92 centavos. The company will have a “banner year” in 2012, based on the revenue prospects of its mining and property projects, a stock-exchange filing said, citing President Leonardo Gayao.
GMA Network Inc. (GMA7) (GMA7 PM), the nation’s second-largest broadcaster, climbed 4.8 percent to 6.50 pesos, the steepest advance since Sept. 6, 2010. The company denied a report that businessman Manuel Pangilinan offered 500 billion pesos ($11.4 billion) to buy the company.
“There is no truth” to the report, GMA said today in a filing to the exchange.
PAL Holdings Inc. (PAL) rose 16 percent to 6.97 pesos, the sharpest gain since July. Philippine Airlines Inc., a unit of the company, stopped direct flights to New Delhi because of weak demand, the Philippine Daily Inquirer reported, citing Philippine Air President Jaime Bautista. Services to the Indian capital will now fly via Bangkok, the report said. Bautista couldn’t be reached in his office for comment.
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