PSEi suffers first weekly loss of the year
MANILA, Philippines - The Philippine Stock Exchange index fell on Friday, dragged down by an 11% drop in shares of Energy Development Corp.
The main index closed at 6,642.27, down 79 points or 1.18%. For the week, the PSEi fell 0.35%, its first weekly loss this year.
Shares of EDC led the day's losers, after it announced the shutdown of one of its geothermal plants due to technical problems. EDC shares closed at P6.720, down 11.35%, while First Gen Holdings also dropped 8% to close at P24.20.
Sy-led companies BDO Unibank and SM Development Corp. also fell 6.5% and 4% respectively. SMDC will be removed from the benchmark index on March 11.
Bucking the downward trend was Enrique Razon's Bloomberry Resorts, which will replace SMDC on the PSEi. Bloomberry, whose Solaire casino-resort opens this month, ended the session 4.19% up to P15.40. - With report from Warren de Guzman, ANC