Philippine Equity Movers: Jollibee Foods, Philex Mining, TKC
The Philippine Stock Exchange Index (PCOMP) fell 0.4 percent to 5,038.92.
Jollibee Foods Corp. (JFC) , the nation’s biggest restaurant operator, climbed 3.5 percent to 117 pesos, the biggest gainer on the benchmark Philippine Stock Exchange Index. The stock was rated overweight with a 135 peso share-price target at JPMorgan Chase & Co. Investors should own a greater proportion of the stock than benchmark indexes as the company’s expansion in China will boost margins, according to JPMorgan in a report today.
Philex Mining Corp. (PX) , the largest Philippine copper producer, fell 1.9 percent to 20.75 pesos, the most since Feb. 14. Copper declined for a second day, losing as much as 1.3 percent to $8,500 a metric ton in London, as increasing stockpiles signaled weaker demand.
TKC Steel Corp. (T) , a producer and seller of metals, rose 2.9 percent to 2.51 pesos, the sharpest advance since March 22. The Philippine company said it plans to buy a 70 percent stake in a mining venture in Occidental Mindoro.
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