ABS-CBN, Filinvest, Universal: Philippine Stocks Preview
The Philippine Stock Exchange Index decreased 0.3 percent to 4,209.42 at the 12 p.m. close in Manila.
Sugar-related stocks: The Philippines has sufficient supply of the sweetener even as the El Nino dry weather earlier this year delayed production, Sugar Regulatory Administrator Gina Martin said. Universal Robina Corp. (URC PM), which operates four sugar mills and three refineries, decreased 1.4 percent to 37.90 pesos. Filinvest Development Corp. (FDC PM), an owner of sugar companies, increased 4.4 percent to 5.22 pesos. Roxas Holdings Inc. (ROX PM), the nation’s biggest producer of raw sugar, was unchanged at 3 pesos.
ABS-CBN Corp. (ABS PM): The largest Philippine media company bought back 100,800 shares, a stock exchange filing showed. The stock decreased 0.9 percent to 45 pesos.
First Philippine Holdings Corp. (FPH PM): The owner of the nation’s largest power producer bought back one million shares at 67.50 pesos each in the open market, a stock exchange filing showed. The stock increased to 0.2 percent to 62.50 pesos.
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