PH shares fall on mixed earnings

Posted at 05/16/14 5:50 PM

MANILA, Philippines - Philippine shares fell for a second day capping a choppy week of trade, as mixed earnings damped momentum from last week's surprise ratings upgrade for the Philippines from Standard & Poors.

The PSE index hit a one-year high in the middle of the week, even returning to the 6,900 level, but poor earnings dragged the market lower.

On Friday, the PSEi closed 0.46 percent lower at 6,817.71.

Grocery powerhouse Puregold and the Ty Group's holding company GT Capital are notable losers, falling after disappointing earnings.

Puregold plunged 5.6 percent to P43.90, after reporting profit fell nearly 2 percent.

GT Capital fell 2.5 percent to P835.50, on news its profit declined more than half.

Pepsi Cola Philippines also slipped 4.52 percent to P4.65. The beverage maker said first quarter profit fell nearly half due to intense competition and the adverse effects of typhoon Yolanda.

Also falling significantly, CyberBay, after it clarified it was not part of Ramon Ang's proposed $10 billion airport project.

DoubleDragon properties also fell Friday, after surging to five times it listing price of two pesos per share in the morning session.

Companies that had impressive first quarter profit bucked the Friday's losses. They include Jollibee, DMCI holdings and air-con specialist Concepcion Industrial.

At the foreign exchange market, the peso weakened, closing at 43.75 against the US dollar.