The Philippine Stock Exchange Index (PCOMP) declined 0.6 percent to 5,189.37, its third day of losses.
Greenergy Holdings Inc. (GREEN) slid 6.7 percent to 1.4 centavos after the company agreed to sell 2.5 billion shares at 1 centavo each to Southern Field Ltd.
SM Prime Holdings Inc. (SMPH) , the nation’s biggest shopping mall operator and a unit of SM Investments Corp. (SM) , sank 2.7 percent to 13.04 pesos, the sharpest loss since June 22. SM Group’s offer to develop 33.1 hectares of land in Fort Bonifacio was dropped by government on speculation a higher price can be got through a public auction, Malaya newspaper reported, citing Arnel Casanova, president at the Bases Conversion & Development Authority, the state agency in charge of the assets. SM Group offered to build offices, apartments and shops on the property. SM Investments, the SM Group’s publicly- listed holding company, declined 0.7 percent to 7209 pesos, extending a 2.2 percent loss yesterday.
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