Bloomberg News

Philippine Equity Movers: BDO Unibank, BPI, Metropolitan Bank

November 24, 2011

Nov. 24 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as 10:53 a.m. in Manila.

The Philippine Stock Exchange Index declined 1.2 percent to 4,222.29, a seventh day of losses.

Lenders: Metropolitan Bank & Trust Co. (MBT PM) fell to the lowest level in more than a month, leading declines among Philippine lenders after the central bank said changes on reserve requirement rules may be implemented next year.

Metropolitan Bank declined 2.6 percent to 67 pesos, set for its lowest close since Oct. 10. Bank of the Philippine Islands (BPI PM) slid 1.5 percent to 52.85 pesos, while BDO Unibank Inc. (BDO PM) dropped 1 percent to 54.05 pesos.

The proposal, which includes the central bank stopping interest payments on lenders’ reserves, is being discussed, Deputy Governor Nestor Espenilla said yesterday.

--Editor: Shiyin Chen

To contact the reporter on this story: Cecilia Yap in Manila at cyap19@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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