Philippine Equity Movers: Alliance, Ayala, Nickel Asia, NiHAO
The Philippine Stock Exchange Index (PCOMP) fell 0.8 percent to 5,173.16.
Nickel Miners: NiHAO Mineral Resources International Inc. (NI) fell 2.7 percent to 9.72 pesos, heading for the lowest close since Feb. 6, after Intierra Resource Intelligence said global production of the metal may exceed demand through 2016. Nickel Asia Corp. (NIKL) , the nation’s biggest producer, slumped 4.5 percent to 29.50 pesos, heading for the lowest close since March 26.
New supply of nickel from current projects and the availability of nickel pig iron, an alternative to the refined metal, should hold prices below $20,000 a metric ton until 2016, according to Paul Dewison, a director at Intierra.
Tourism-related stocks: Alliance Global Group Inc. (AGI) , owner of the operator of the biggest casino in the Philippines, fell 5.1 percent to 13 pesos, heading for the sharpest loss since Oct. 3. Alliance led a decline among the nation’s tourism-related stocks on concern demand will slow after Xinhua reported most Chinese travel agencies had suspended tours to the Southeast Asian nation.
Cebu Air Inc. (CEB) , the nation’s largest budget carrier, fell 1.9 percent to 68.70 pesos, poised for the sharpest loss since March 28. Bloomberry Resorts Corp. (BLOOM) , which is building a casino and hotel complex, declined 2.8 percent to 9.23 pesos, poised for the lowest close since May 2.
Ayala Land Inc. (ALI) , the nation’s largest property developer, increased 2 percent to 20.95 pesos, the first gain in four days. The developer may reach its 10 billion-peso ($236 million) profit goal before 2015, Chief Financial Officer Jaime Ysmael said. The company expects to sustain its first-quarter profit growth this year, he said.
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