Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.
The Philippine Stock Exchange Index fell 1.4 percent to 5,083.62, the sharpest loss since Feb. 27.
Tourism-related stocks: Alliance Global Group Inc. (AGI PM), owner of the operator of Manila’s biggest casino, decreased 2.3 percent to 12.60 pesos, the lowest close since April 30, on concern a territorial dispute between the Philippines and China will affect earnings prospects of tourism-related companies. PAL Holdings Inc. (PAL PM), owner of the national carrier, fell 3.5 percent to 7.37 pesos, the lowest close since March 16.
“The dispute between China and the Philippines is spurring negative sentiments over tourism-related stocks,” said Jonathan Ravelas, chief market strategist at BDO Unibank Inc.
ABS-CBN Holdings Corp. (ABSP PM) depositary shares slumped 9.3 percent to 34 pesos, the lowest close since Jan. 20. First-quarter profit at ABS-CBN Corp. (ABS PM), the largest broadcaster, fell 69 percent to 306 million pesos ($7.18 million) from 976 million pesos a year ago, a stock exchange filing showed.
Pepsi-Cola Products Philippines Inc. (PIP PM) advanced 5.3 percent to 2.80 pesos, the steepest gain since April 13. The soft drinks maker’s first-quarter profit jumped to 224.9 million pesos from 31.9 million pesos a year ago, a stock-exchange filing showed.