Philippine Stocks Movers: Belle, Leisure & Resorts World
The Philippine Stock Exchange Index (PCOMP) fell 0.1 percent to 5,362.68, paring this week’s advance to 2.2 percent, a third weekly advance.
Leisure & Resorts World Corp. (LR) sank 7.9 percent to 8.50 pesos, ending a five-day rally. The drop was the sharpest since Feb. 24. Melco Crown Entertainment Ltd. will operate Belle (BEL) Corp.’s Manila casino, taking the place of a unit of Leisure & Resorts World, Belle Vice Chairman Willy Ocier said. Leisure and its unit will help Belle raise its share in the casino’s capital in exchange for a share in Belle’s earnings from the venture, a stock-exchange filing showed. Belle (BEL PM) declined 4.8 percent to 5.14 pesos, the most since March 13. The stock climbed yesterday to its highest level since May 31, 2011.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org