The Philippine Stock Exchange Index (PCOMP) fell 0.1 percent to 5,235.44, declining for a fourth day, the longest losing streak since the six days through May 16.
Alliance Global Group Inc. (AGI) , which owns the venture that runs Resorts World Manila, increased 1.9 percent to 11.60 pesos, the sharpest gain since June 20. Resorts World plans to provide free bus services to its Manila casino-resort complex for Central Luzon residents, BusinessMirror reported, citing Sales Manager Ana Chua. Alliance President Kingson Sian couldn’t be reached at his office for comment.
Ayala Land Inc. (ALI) , the nation’s largest developer, decreased 1.9 percent to 20.65 pesos, the lowest close since June 8. Ayala Corp. (AC) sold 680 million Ayala Land shares at 20 pesos each, a discount to yesterday’s 21.05-peso closing price. Ayala Corp., which will subscribe to Ayala Land the same number of shares that it sold, rose 4.4 percent to 478 pesos, ending a three-day, 4.8 percent slump.
Philippine Long Distance Telephone Co. (TEL) , the nation’s biggest company by market value, declined 1.5 percent to 2,706 pesos, the sharpest loss since June 14. The stock’s rating was cut to neutral from outperform at Macquarie Group Ltd. A neutral rating at Macquarie indicates the stock’s expected return will be between a loss and gain of 10 percent over the next 12 months. Outperform indicates an expected return of at least 10 percent.
PhilWeb Corp. (WEB) increased 6.6 percent to 13.24 pesos, the sharpest gain since April 30. The company agreed to buy a 27 percent stake in itself held by ePLDT for about 10.70 pesos a share, according to an exchange filing.
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