Ayala Land shares down in blast aftermath; PSE also in the red

MANILA, Philippines - Stock prices of property conglomerate Ayala Land Inc. plummeted on Monday morning at the wake of the blast that ripped through its Two Serendra development last Friday.

The firm saw an over 6.67-percent plunge at noontime following the explosion incident that killed three Abenson delivery staff at the posh residential area in Taguig City.

As the biggest loser in the Philippine Stock Exchange main index on Monday morning's trade, Ayala Land's dip also dragged the property sub-index to a negative 4.61-percent.

SM Prime Holdings Inc, another a giant property consolidation, also slid, dipping 6.05 percent.

As of noon time, the entire stock market was in the red with the bellwether Philippine Stock Exchange index declining 247.04 points or 3.52 percent while the all shares slipped 106.54 points or 2.48 percent.

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On month's end last Friday, however, Ayala Land closed with a 3-percent rise in stocks as the country announced its surprising 7.8-percent economic growth.

Ayala Land's communications director George Marco said in a radio interview on Monday that the firm is coordinating with the victims' family and employers to ensure they have adequate remuneration.

Abenson employees Salvador Natividad, Marlon Bandiola and Jeffrey Umali, who were killed due to fallen debris, will receive aid from Ayala Land, Marco said.

"We ... are working together with the employer of the victims in ensuring that their families are fully provided with the necessary assistance to help them through this very difficult time," he said.