Philippine shares slump, pulled down by property firms, Monde Nissin

MANILA --- The Philippine Stock Exchange index (PSEi) fell below 6,500 on Friday after large property companies declined and food conglomerate Monde Nissin Corp. announced a significant writedown of its meat alternative business. By the closing bell, the benchmark measure tumbled 2.18 percent, or 145.07 points, to 6,499.68 while the broader All Shares index was down 1.28 percent, or 45.36 points, to 3,493.37. Index heavyweights Ayala Land Inc. and SM Prime Holdings were sharply lower on Friday while Monde plunged over 11 percent after reporting a P13-billion loss in 2022 mainly from a P20.5-billion noncash impairment loss on meat alternatives. https://ift.tt/VABu4rj...

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