The Philippine Stock Exchange Index (PCOMP) fell 1.4 percent to 5,083.62, the sharpest loss since Feb. 27.
Tourism-related stocks: Alliance Global Group Inc. (AGI PM), owner of the operator of Manila’s biggest casino, decreased 2.3 percent to 12.60 pesos, the lowest close since April 30, on concern a territorial dispute between the Philippines and China will affect earnings prospects of tourism-related companies. PAL Holdings Inc. (PAL) , owner of the national carrier, fell 3.5 percent to 7.37 pesos, the lowest close since March 16.
“The dispute between China and the Philippines is spurring negative sentiments over tourism-related stocks,” said Jonathan Ravelas, chief market strategist at BDO Unibank Inc.
ABS-CBN Holdings Corp. (ABSP) depositary shares slumped 9.3 percent to 34 pesos, the lowest close since Jan. 20. First- quarter profit at ABS-CBN Corp. (ABS) , the largest broadcaster, fell 69 percent to 306 million pesos ($7.18 million) from 976 million pesos a year ago, a stock exchange filing showed.
Pepsi-Cola Products Philippines Inc. (PIP) advanced 5.3 percent to 2.80 pesos, the steepest gain since April 13. The soft drinks maker’s first-quarter profit jumped to 224.9 million pesos from 31.9 million pesos a year ago, a stock-exchange filing showed.
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