Bloomberg News

Philippine Equity Movers: Atlas Consolidated, SM Investments

May 16, 2012

Shares of the following companies had unusual moves in Philippine (PASHR) trading. Stock symbols are in parentheses and prices are as of the noon break in Manila.

The Philippine Stock Exchange Index (PCOMP) fell 1.5 percent to 4,903.59, its sixth straight day of losses. The measure is poised for its longest losing streak since November.

Atlas Consolidated Mining & Development Corp. (AT) decreased 1.4 percent to 17.74 pesos, poised for the lowest close since Feb. 14. The company’s first-quarter profit dropped about 1.04 billion pesos ($24.2 million) from a year earlier to 298 million pesos, a stock-exchange filing showed.

SM Investments Corp. (SM) advanced 2 percent to 679 pesos, bound for the sharpest gain since April 26. The company is “closely monitoring” the situation in China, where some groups have called for a boycott of Philippine-owned establishments because of tension sparked by a territorial dispute between the two nations, Senior Vice President Corazon Guidote said. Traffic of shoppers in the company’s malls hasn’t dropped, she said. SM Prime Holdings Inc. (SMPH) , a unit of the company that owns four malls in China, rose 0.9 percent to 15.68 pesos.

To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net

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


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