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Friday, March 29, 2024

Stock market falls; JG Summit slumps

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Stocks retreated Thursday on profit-taking, ignoring a government report showing agriculture rebounded last year from a series of devastating typhoons.

The Philippine Stock Exchange Inc. dropped 57.79 points, or 0.8 percent, to 7,416.31 on a value turnover of P19.6 billion.

The Philippine Statistics Authority said Wednesday agriculture production expanded 1.83 percent in 2014, slightly faster than the 1.12 percent growth in 2013, with crop output recovering from typhoons.

Crops, livestock and poultry production contributed to agriculture’s slight recovery in 2014. Crop production grew 3.25 percent in 2014, accounting for 51.7 percent of the total agricultural output during the year.

Agriculture accounts for a fifth of the gross domestic product of the Philippines.

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JG Summit Holdings Inc. of retail and airline tycoon John Gokongwei slumped 11.2 percent to P62.10 after a share sale valued at P8.8 bilion. The conglomerate sold shares at an average discount of over 10 percent from its closing price Wednesday. Unit Robinsons Retail Holdings Inc. declined 2.2 percent to P75.30.

Metropolitan Bank & Trust Co., the second-biggest lender, fell 2.9 percent to P90, while conglomerate Ayala Corp. slipped 1.1 percent to P694.50.

Puregold Price Club Inc. of retail tycoon Lucio Co. lost 1 percent to P39.50, while Megaworld Corp., the largest lessor of office spaces, tumbled 1.7 percent to P5.21.

DMCI Holdings Inc., which is into construction, property, water distribution, power generation and mining, dropped 1.3 percent to P14.70.

First Gen Corp. of the Lopez Group bucked the trend, gaining 4.8 percent to P27.40, while Alliance Global Group Inc. of tycoon Andrew Tan rose 2.2 percent to P23.70.

The rest of Asian markets extended their rally this week, while the euro dipped ahead of a much-anticipated European Central Bank policy meeting that is forecast to see it introduce more monetary easing measures. With AFP

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