The Philippine Stock Exchange Index (PCOMP) fell 0.5 percent to 4,904.22.
GMA Network Inc. (GMA7) (GMA7 PM), a radio and television network operator, rose 2.6 percent to 10.26 pesos, the highest close since August 2007. Pangilinan said today that his group has still room for another television network. Philippine Long Distance (TEL) , the nation’s biggest phone company, decreased 1 percent to 2,358 pesos, the lowest since Nov. 28.
Metro Pacific Investments Corp. (MPI) increased 1.5 percent to 4.02 pesos, the first gain in three days. The company’s road project connecting the North Luzon and South Luzon Expressways will proceed, Transportation Secretary Mar Roxas said.
Robinsons Land Corp. (RLC) , the nation’s second-largest shopping mall operator, increased 3.4 percent to 16.90 pesos, the sharpest gain since March 16. The stock was named a conviction pick by CLSA Asia-Pacific Markets, according to a note dated yesterday.
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