The Philippine Stock Exchange Index (PCOMP) fell 1.9 percent to 4,799.29, the sharpest loss since Oct. 3.
Holcim Philippines Inc. (HLCM) , the nation’s largest cement producer, fell 1.7 percent to 11.50 pesos, the sharpest loss since Feb. 21. The company posted a 47 percent drop in net income last year.
PAL Holdings Inc. (PAL) , owner of the nation’s largest airline, advanced 1.3 percent to 7.95 pesos, the highest close since Feb. 13. San Miguel Corp. (SMC) President Ramon Ang said talks are “still” on to buy a stake in PAL’s Philippine Airlines Inc. unit. San Miguel dropped 2.8 percent to 110.70 pesos.
Union Bank of the Philippines (UBP PM) sank 16 percent to 114 pesos, the sharpest loss since January 2001 after bigger rival Bank of the Philippine Islands (BPI PM) said it’s not in talks to acquire and merge with the lender. Rizal Commercial Banking Corp. (RCB) said separately it’s not aware of talks for a merger with Union Bank.
Aboitiz Equity Ventures Inc. (AEV) , Union Bank’s largest shareholder, declined 11 percent to 48.60 pesos, the steepest loss since April 2001. Bank of Philippine Islands rose 1 percent to 67.95 pesos. Rizal Commercial added 0.5 percent to 40.30 pesos.
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