Philippine Equity Movers: Alliance, Bloomberry, GMA Network
The Philippine Stock Exchange Index (PCOMP) rose 0.7 percent to 5,109.61, the highest since May 11.
Casino operators: Alliance Global Group Inc. (AGI) sank 2.4 percent to 11.42 pesos, the lowest close since Feb. 28. Bloomberry Resorts Corp. (BLOOM) lost 3.8 percent to 8.33 pesos, the lowest close since May 21. Investors are concerned about a bill filed at the Senate that would change the tax regime for casinos and require the collection of a 1,000-peso ($23) entrance fee from local players, said Richard Laneda, analyst at CitisecOnline.com.
“The bill will raise the tax rate for casinos and discourage local players,” Laneda said. Charging locals entrance fees may hurt the grind market, which accounts for a large part of the gaming industry, Deutsche Bank AG said in a June 11 report.
GMA Network Inc. (GMA7) (GMA7 PM), the nation’s second-largest broadcaster, increased 1.8 percent to 10.18 pesos, the first gain this month. Talks between the three main shareholders of GMA and Philippine Long Distance Telephone Co. (TEL) Chairman Manuel Pangilinan are heading for the “negotiation stage,” GMA Chairman Felipe Gozon said.
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