Philippine Equity Movers: Alliance, Polar, Robinsons, Waterfront
The Philippine Stock Exchange Index (PCOMP) fell 2.1 percent to 4,977.45, the sharpest loss since Oct. 3.
Hotel Operators: Alliance Global Group Inc. (AGI) , which owns a hotel and casino resort in Manila, sank 2.4 percent to 12.30 pesos, the lowest close since April 27. Waterfront Philippines Inc. (WPI) , which has hotels in Cebu and Davao, which are among the nation’s top tourist destinations, lost 2.6 percent to 37.5 centavos, the lowest close since Oct. 13. China Southern Airlines Co., Asia’s biggest carrier by passenger numbers, said tour groups canceled trips to the Philippines amid a territorial dispute with China.
Polar Property Holdings Corp. (PO) advanced 11.5 percent to 3.50 pesos, the sharpest gain since March 20, after the company’s board approved a share swap with the owners of Manuela Corp., paving way for the company’s expansion into shopping malls and office buildings.
Robinsons Land Corp. (RLC) , the nation’s second-biggest shopping mall operator, fell 3.7 percent to 16.18 pesos, the lowest close since March 15. The company said profit grew 6.9 percent in the quarter ended March 31, compared with a 13 percent increase in the previous three months.
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