Philippine Stocks: Philippine Long Distance, SM Prime Holdings
The Philippine Stock Exchange Index (PCOMP) fell 0.7 percent to 4,613.83, snapping a four-day rally. The measure rounded a 2.9 percent gain this week, the steepest advance since the week ended Oct. 28.
Philippine Long Distance Telephone Co. (TEL) , India’s biggest phone company, declined 1.4 percent to 2,756 pesos, the largest drop since Jan. 6. The stock was lower to “neutral” from “overweight” by Luis Hilado, an analyst at HSBC Holdings Plc. The analyst has a 2,740 peso 12-month share-price target.
SM Prime Holdings Inc. (SMPH) , the largest Philippine shopping mall operator, increased 1.1 percent to 14.46 pesos, the highest close since it started trading in July 1994. The company said it raised 5 billion pesos ($114 million) from the sale of notes. The company said on Dec. 7 that it will raise funds to help finance an estimated 21 billion peso capital spending this year.
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