Philippine Stocks: Banco de Oro, Globe, Metropolitan, Phoenix
Shares of the following companies had unusual price changes in Philippine trading. Stock symbols are in parentheses, and prices are as of the 12 p.m. close in Manila.
The Philippine Stock Exchange Index fell 35.11, or 0.9 percent, to 3,843.37.
Banks: Metropolitan Bank & Trust Co. (MBT PM), the nation’s second-largest bank by assets, decreased 3.3 percent to 60.95 pesos, the second-largest percentage loss in the benchmark, on concern loan demand may slow after BusinessWorld reported that “several” government infrastructure projects will be delayed. The report cited Transportation Assistant Secretary George Esguerra. Banco de Oro Unibank Inc. (BDO PM), the biggest bank, lost 1.4 percent to 49.40 pesos, the lowest close since Aug. 18.
“A delay in these projects could hurt lending performance of banks,” said Daniel Picache, analyst at DBP-Daiwa SB Capital Markets in Manila. “These projects are viewed as one of the major growth catalysts for banks.” President Benigno Aquino said in November that the central bank will allow companies borrowing funds for government projects to exceed banks’ single- borrower limit.
Globe Telecom Inc. (GLO PM), the Philippine mobile phone service provider, advanced 2.7 percent to 800 pesos, the highest level since Jan. 21. Fourth quarter sales rose to 16.2 billion pesos ($373 million), near a record, with the addition of more cellular phone customers, the company said.
Phoenix Petroleum Philippines Inc. (PNX PM), a retailer of petroleum products, increased 2.9 percent to 14.40 pesos, the highest close since Jan. 21. The company will pay 10 centavos a share in dividend, a stock exchange filing showed. Phoenix will also pay a 30 percent stock dividend, it said.
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