"March 18 (Bloomberg) -- Philippine stocks were downgraded at JPMorgan Chase & Co., which said Philippine Long Distance Telephone Co.’s acquisition of a stake in Manila Electric Co. will increase risks for the nation’s most valuable company.
The market’s rating was cut to “neutral” from “overweight” in JPMorgan’s emerging markets and Asia portfolios that exclude Japan, analysts Kelly Lim-Bate and Adrian Mowat wrote in a report today.
Philippine Long Distance, also known as PLDT, has dropped for six of the past seven days since it announced the purchase of a stake in Manila Electric, the nation’s biggest power retailer, which is also known as Meralco. The company has a 30 percent weighting on the Philippine Stock Exchange Index, which has retreated 6.1 percent this year." (2009, Bloomberg.com)
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