PH Stocks End Lower on Company Woes

Manila—(PHStocks)—Philippine stocks extended their losses Friday, 13 September, as investors dump shares of water utility stocks amid regulators’ mandate to cut water tariffs in the next five years.

Because of this, Manila Water Co. Inc. (MWC) dropped by 14.52%, while Metro Pacific Investments Corp. (MPI), the parent company of Maynilad Water Services, slid by 6.38%. Ayala Corp. (AC), the mother company of MWC, meanwhile dropped by 0.89%. For its part, DMCI Holdings Inc. (DMC), an investor at Maynilad, likewise suffered declines during today’s trading, shedding 1.62%.

Moreover, Bloomberry Resorts Corp. (BLOOM) dropped by 1.79% amid disputes at the firm’s Solaire Resort & Casino.

These stocks – part of the benchmark Philippine Stock Exchange index (PSEi) – weighed down the index, which dropped by 1.01% or 62.37 points to close this week’s trading at 6,133.24, slightly recovering from the 116.59-point dip during intraday.

PSE-13-9-13All counters except for the Financials (+0.32%) are back in the red territory, led by the Mining and Oil index, which plunged by 2.72%. The Industrials followed with a 1.98%, while the Holding Firms sector dropped by 1.11%. The wider All Shares index, meanwhile, slid by just 0.78%.

Trading was slightly moderate. Value turnover reached PhP6.9 billion on 930 million shares traded. There were 44 gainers against 98 losers, while 47 stocks were flat.

Today’s most active stocks include SM Investments Corp. (SM, PhP743.50, -2.17%), Manila Water Company Inc. (MWC, PhP26.50, -14.52%), Metropolitan Bank & Trust Company (MBT, PhP81.75, 1.30%), Metro Pacific Investments Corp. (MPI, PhP4.40, -6.38%),

Security Bank Corp. (SECB, PhP116.70, 0.78%), Philippine Long Distance Telephone Co. (TEL, PhP2,848.00, -1.39%), Jollibee Foods Corp. (JFC, PhP168.50, 0.60%), Manila Electric Company (MER, PhP275.00, 0.59%), Ayala Land Inc. (ALI, PhP26.65, -0.19%), and Bank of the Philippine Islands (BPI, PhP94.25, 0.37%).

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