Dec. 7 (Bloomberg) -- The Philippine Stock Exchange Index decreased 25.20, or 0.6 percent, to 4,197.92 at the 12 p.m. close in Manila, its first loss in five trading days.
Manila Electric Co. (MER PM), the Philippines’ largest power retailer, rose 4 percent to 201.80 pesos, the highest since Nov. 10 on speculation the company will pass on cost savings from lower generation costs to customers, boosting power demand.
Manila Electric yesterday said prices it pays for supplies from the wholesale electricity spot market, which account for about 60 percent of the total electricity tariff, will drop to 4.97 pesos per kilowatt-hour from 5.29 pesos in November.
PAL Holdings Inc. (PAL PM), owner of the nation’s biggest carrier, declined 4.8 percent to 4 pesos, the lowest since Nov. 9. The company’s unit Philippine Airlines Inc. said its workers’ union filed a notice to vote on a possible strike action. The notice filed by the labor union with the National Conciliation and Mediation Board “is without basis,” Philippine Airlines said in a statement yesterday.
Philippine Tobacco Flue Curing & Redrying Corp. (TFC PM), a producer and wholesaler of flue-cured tobacco, jumped 25 percent to 15 pesos, the highest level since at least August 1991. The company said it will pay 75 centavos a share in dividends.
Phoenix Petroleum Philippines Inc. (PNX PM), a trader of petroleum products, climbed 4.6 percent to 9.10, the highest level since the stock began trading in July 2007. The company forecast 14 billion pesos ($320 million) in sales this year. Phoenix posted 5.87 billion pesos in revenues last year, according to Bloomberg data.
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