Philippine Stocks: Bloomberry, Jollibee Foods, Nickel Asia
The Philippine Stock Exchange Index (PCOMP) fell for a third day, dropping 1.3 percent to 5,037.94. It’s the measure’s sharpest loss since March 6.
Bloomberry Resorts Corp. (BLOOM) (BLOOM PM) rose 1.4 percent to 35.50 pesos, snapping its worst two-day loss in a month. Major infrastructure work has been completed at its casino-hotel resort complex in Manila, the company said in a statement.
Jollibee Foods Corp. (JFC) , the nation’s biggest restaurant operator, increased 2.8 percent to 119.20 pesos, the first gain in three days. The company is on the “lookout” for acquisitions at home and overseas, Chief Executive Officer Tony Tan Caktiong said. The company may set capital spending this year at four billion pesos ($93 million) to five billion pesos, he said.
Nickel Asia Corp. (NIKL) , the largest Philippine producer of the metal, rose 11 percent to 28.30 pesos, the highest close since the stock began trading in November 2010. The shares climbed on speculation the company will benefit from Indonesia’s move to implement a ban on nickel-ore sales sooner than planned to boost output of refined nickel, according to CitisecOnline.com. “Philippine nickel ore companies will benefit most from this export ban,” George Ching, analyst at Citisec, said. “Among listed companies, Nickel Asia will be the main beneficiary because it’s a pure play on nickel.”
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