The Philippine Stock Exchange Index (PCOMP) declined 14.84, or 0.5 percent, to 2,969.83 at the close in Manila, extending this year's loss to 18 percent.
The measure had its first loss after completing a 7.5 percent climb in the previous seven days, its longest winning streak in almost four months.
Aboitiz Equity Ventures Inc. (AEV) , a Philippine company with investments in power, banks and transportation, gained 30 centavos, or 4.7 percent, to 6.70 pesos, its biggest gain since Feb. 8. The company said it bought back 4.2 million of its owns shares at 6.40 pesos each yesterday when the stock posted its worst loss since April 30, 2001.
Ayala Land Inc. (ALI) , the largest Philippine builder by value, added 25 centavos, or 2.3 percent, to 11 pesos. The company said today it sold a property in the nation's financial district to rival, Megaworld Corp.
Basic Energy Corp. (BSC) , a producer of ethanol and other alternative energy resources, jumped 1 centavo, or 4.4 percent, to 24 centavos, its biggest gain in a week. Basic said it may supply 50 million liters of bioethanol a year to Chevron Philippines Inc.
IPVG Corp. (IP) , the Philippine Internet content and online games provider, dropped 20 centavos, or 3.3 percent, to 5.80 pesos, its sharpest slide in two weeks. The company said it guaranteed a $7 million loan obtained by its call-center unit.
Lepanto Consolidated Mining Co.'s Class A shares (LC PM), equity exclusively for Filipinos in the nation's largest gold producer, dropped 1 centavo, or 2.8 percent, to 35 centavos, its biggest loss since March 13. Its Class B shares (LCB PM), which have no ownership restrictions, dropped 3 centavos, or 7.9 percent, to 35 centavos, its largest decline in two months. Gold for immediate delivery fell 1.5 percent to $916.88 an ounce yesterday.
Makati Finance Corp. (MFIN) , a financial services company, jumped 1.30 pesos, or 50 percent, to 3.90 pesos on its first day of trading since March 24 and since it won approval from regulators to sell shares to raise up to 166.2 million pesos of capital. The stock is the biggest gainer on the stock market so far today.
PNOC Energy Development Corp. (EDC) , the nation's No. 1 geothermal power producer, dropped 10 centavos, or 1.7 percent, to 5.80 pesos, after posting yesterday it's biggest advance in four months. The company will need ``months'' before it implements a plan to buy back up to 4 billion pesos of shares, President Paul Aquino said after trading closed yesterday. The shares will be sold to company employees under a stock option plan, he said.
Robinsons Land Corp. (RLC) , the third-largest Philippine homebuilder by market value, fell 50 centavos, or 4.9 percent, to 10.75 pesos, the sharpest gain since Jan. 25. The company said today that it will build homes in a 7-hectare property adjacent to a former U.S. airbase north of Manila.
San Miguel Corp.'s Class A shares (SMC PM), equity reserved for Filipinos in the nation's largest food and drinks company, dropped 1 peso, or 2.2 percent, to 45.50, its biggest loss in three weeks after the central bank said a rise in this year's inflation will be extended. Higher inflation erodes consumer purchasing power and increases costs.
Its Class B shares (SMCB PM), which have no ownership restrictions, dropped 1.50 pesos, or 3.1 percent, to 46.50 pesos, its largest loss since March 11.
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