The Philippine Stock Exchange Index (PCOMP) fell 0.9 percent to 4,900.94, after climbing yesterday to a record.
Ayala Land Inc. (ALI) , the nation’s largest builder, fell 3.7 percent to 20.70 pesos, the largest loss since Jan. 26, after closing at a record yesterday. The stock’s rating was cut to “hold” from “buy” by Richard Laneda, analyst at CitisecOnline.com. Citisec’s 12-month share-price estimate for Ayala Land is 21.65 pesos, Laneda said.
Pepsi-Cola Products Philippines Inc. (PIP) increased 1.6 percent to 2.48 pesos, the highest close since July 8. The soft- drinks maker has started a 500 million-peso ($11.7 million) project to expand the capacity of its plant in Cagayan de Oro to boost its market share in the southern Philippines, BusinessMirror reported, citing Virgilio Salvador, general manager at the company’s provincial unit. President Partha Chakrabarti couldn’t be reached at his office for comment.
Philex Mining Corp. (PX) , the nation’s largest metals producer, declined 1.7 percent to 20.50 pesos, the lowest close since Sept. 29. The government may suspend approval of an environmental compliance certificate for a copper and gold project while reviewing a policy on minerals development, the Philippine Star reported, citing Chairman Manuel Pangilinan. Pangilinan couldn’t be reached in his office for comment.
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