The Philippine Stock Exchange Index (PCOMP) fell 1.7 percent to 5,020.85, the sharpest loss since June 4.
Electronics manufacturers: Ionics Inc. (ION) decreased 8.4 percent to 76 centavos, the sharpest loss since March 21. Integrated Micro-Electronics Inc. (IMI) fell 1 percent to 3.95 pesos, a record low. Philippine shipments of electronics products fell 23.8 percent in April from a year earlier, the National Statistics Office said today.
Cebu Air Inc. (CEB) , the nation’s biggest budget carrier, declined 3.8 percent to 65.10 pesos, the most since Feb. 27. The company’s request to use some of rival Philippine Airline Inc.’s flight entitlements to the Middle East has been rejected, BusinessMirror reported, citing Civil Aeronautics Board Executive Director Carmelo Arcilla. Cebu Air President Lance Gokongwei couldn’t be reached for comment at his office.
Universal Robina Corp. (URC) , the nation’s biggest bottler of iced tea, sank 5.6 percent to 61.50 pesos, the steepest slide since May 16, after its board approved the sale of 120 million common shares held as treasury shares. The sale was priced at 62 pesos a share, a stock-exchange filing showed.
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