MANILA, Feb 2 (Reuters) - Shares in Philippine conglomerate Metro Pacific Investments Corp fell nearly 9 percent on Tuesday after it delayed signing a call option agreement covering its purchase of shares in utility Manila Electric Co (Meralco) .
Shares of Metro Pacific were down 8.8 percent at 2.28 pesos by 0340 GMT, the stock's lowest in more than 13 months. The main index was down nearly 1.1 percent.
Metro Pacific was the market's heaviest traded stock so far.
Some traders said the stock was sold down after it twice extended the signing of the call option covering its November acquisition of additional Meralco shares.
(Reporting by Rosemarie Francisco, Editing by Ian Geoghegan)
(rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: METROPAC/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Shares of Metro Pacific were down 8.8 percent at 2.28 pesos by 0340 GMT, the stock's lowest in more than 13 months. The main index was down nearly 1.1 percent.
Metro Pacific was the market's heaviest traded stock so far.
Some traders said the stock was sold down after it twice extended the signing of the call option covering its November acquisition of additional Meralco shares.
(Reporting by Rosemarie Francisco, Editing by Ian Geoghegan)
(rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: METROPAC/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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