Philippine Equity Movers: Alsons, Benguet Corp., East West Bank
The Philippine Stock Exchange Index (PCOMP) fell 1.3 percent to 5,229.53, the sharpest loss since Feb. 27.
Alsons Consolidated Resources Inc. (ACR) slid 2.1 percent to 1.38 pesos, the steepest drop since April 16. The company said first-quarter net income declined to 91.5 million pesos ($2.16 million) from 165.5 million pesos a year ago.
East West Banking Corp. (EW PM) rose to 19.78 pesos on its first trading day. The bank sold 245 million shares at 18.50 pesos in an initial public offering last month. The bank plans to have 350 branches by 2014 from 150 at present, President Antonio Moncupa said in a briefing today. The lender also expects loan growth of at least 20 percent this year, he said.
Benguet Corp. Class B shares (BCB PM), which have no ownership restrictions, surged 6.5 percent to 30.35 pesos, the highest close since March 29. Its Class A shares (BC PM), which are reserved for Filipinos, climbed 3.9 percent to 27 pesos, the highest close since March 27. RYM Business Management Corp. agreed to acquire 13.24 million shares of the company, a stock exchange filing showed.
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