Shares of Ayala Land Inc. (ALI), one of the country’s largest real estate developers, fell by 6 percent on Monday, pulled down by the explosion at an Ayala-owned condominium in Bonifacio Global City, Taguig, on Friday.
“[The decline] is expected…The decline was an immediate reaction to the incident…But I think if you’re a long-term investor, there shouldn’t be any worry,” Financial Research Head April Lee-Tan of COL Financial Inc. said in an online website Rappler.com.
According to Harry Liu, president of Summit Securities Inc., the decline on ALI shares did not affect the dive of local stock market index significantly.
“It is a short term factor but not a significant one. [The decline of local market index] is more on the whole market condition,” Liu said in a text message.
On Monday, ALI shares was down 6.67 percent at P31.50 at noon, but regained at the end of trading session, closing at P31.75, or 5.93 percent.
SM Prime Holding Inc. (SMPH) appeared to have been affected too, as SMPH shares declined by 6.15 percent at P18.30.
An explosion in Unit 501 at Two Serendra killed three people and wounded four others.
Authorities are still trying to determine what caused the blast.
KRISTYN NIKA M. LAZO