Stocks down for Chinese holiday

By Ian C. Sayson

Bloomberg

PHILIPPINE stocks fell for the second day on expectations that gains will be limited until the end of Chinese New Year holidays, which last through the week in some markets. Ayala Corp. and Philippine Long Distance Telephone Co. (PLDT) led the decline. Filinvest Land Inc. climbed to its highest since August 11, 1997, on news that that it’s building a P780-million community south of Manila. “A lot of fund managers are away for the holidays so don’t expect any dramatic movements in the market,” said Grace Cerdenia, head of research at 2TradeAsia.com in Manila. The Philippine Stock Exchange index lost 4.53, or 0.1 percent, to 3329.03 at the close, extending a 1.4 percent decline on February 16. Earlier, it had risen as much as 0.7. The Philippine stock market is one of seven that traded Monday in Asia. The rest were closed for the Chinese New Year. Ayala, the nation’s fourth-largest company by market value, fell P15, or 2.3 percent, to P625, its lowest in four days. PLDT, the nation’s largest, fell P10, or 0.4 percent to P2585. “There wouldn’t be that much demand for stocks until we see that the fund managers on vacation are back,” 2TradeAsia.com’s Cerdenia said. Equitable PCI Bank, the nation’s third-largest lender by assets, fell P20, or 1.7 percent, to P113, extending a 2.5-percent loss on February 16. Holcim Philippines Inc., the nation’s largest cement company, fell 10 centavos, or 1.2 percent, to P8.30.  New community SEPARATELY Filinvest Land, the nation’s largest builder of affordable homes, rose 12 centavos, or 6.90 percent, to P1.86, the highest in more than 9 years. The Manila-based builder is creating a community on 350 hectares in Calamaba, a city south of Manila. Aboitiz Equity Ventures Inc., which is selling shares in its energy unit, gained 20 centavos, or 2.4 percent, to P8.40, its biggest gain since January 24. The company said earlier Monday that it will build a coal-fired power plant in partnership with Taiwan Cogeneration International Corp.

 

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