Philippine Stocks: Anchor, Ayala Land, Philippine Long Distance
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index fell 1.2 percent to 4,244.64, its sharpest loss since March 17. The gauge dropped 1.7 percent this month.
Builders: Ayala Land Inc. (ALI) , the nation’s largest developer, tumbled 4.2 percent to 15.20 pesos, the sharpest decrease since Feb. 10 on concern consumer spending on homes and land may slow after borrowing costs increased. Robinsons Land Corp. (RLC) , a builder of apartments, offices and malls, fell 0.8 percent to 12.50, the first loss in a week. Cyber Bay Corp. (CYBR) declined 2 percent to 99 centavos.
The yield on the 91-day Treasury bill, which is used by banks to price loans, rose to 2.264 percent in yesterday’s auction, the highest since Nov. 2, while the yield on the 182- day bill climbed to 2.44 percent, the highest since Feb. 7. Separately, central deputy Governor Diwa Guinigundo yesterday said inflation remains a major concern and that “continued vigilance of monetary policy is warranted.”
Anchor Land Holdings Inc. (ALHI) jumped 18 percent to 13.60 pesos, the highest close since the stock began trading in August 2007. The developer said it will pay a stock dividend at a ratio of one for every share held.
Philippine Long Distance Telephone Co. (TEL) , the nation’s biggest company, sank 5 percent to 2,328 pesos, the sharpest loss since Nov. 5, on concern its purchase of Digital Telecommunications Philippines Inc. may stall. The purchase of Digital Telecommunications without prior approval from Congress will violate rules governing the franchise for phone companies, the Manila Times reported, citing Teddy Casino, a congressman.
“Some investors are worried that the deal can still be undone until the regulator states its position on this sale,” said Astro del Castillo, managing director at First Grade Holdings Inc. “The stock could stay volatile until this issue is resolved.”
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