Philippine Equity Movers: Ayala Corp., Empire East, Megaworld
The Philippine Stock Exchange Index (PCOMP) declined 1.2 percent to 5,220.55.
Ayala Corp. (AC) , owner of the nation’s biggest developer, decreased 5 percent to 435 pesos, the sharpest loss since June 4. The company sold 15 million shares at 430 pesos each, Chief Finance Officer Delfin Gonzalez said.
Megaworld Corp. (MEG) , a builder of residential and office towers, sank 4.9 percent to 2.15 pesos, the sharpest loss since May 16. The company said it will buy shares that stockholders will pass up in the rights offer of unit Empire East Land Holdings Inc. (ELI) . Empire East decreased 3.4 percent to 86 centavos.
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