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.
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