Shares of PSE-listed water companies declined as The Metropolitan Waterworks and Sewerage System cut Maynilad Water Services, Inc and Manila Water Co., Inc's average basic water charges by 4.82% and 29.47% respectively.
Shares of Metro Pacific Investments Corp (PSE:MPI), the parent of Maynilad, fell by 13.73% or .70 centavos two days after the rate cut was announced. Manila Water (PSE:MWC) dropped by 17.57%, hitting its one-year low at 25 before closing at 26.5. DM Consunji Inc., (PSE:DMC) which partly owns Maynilad fell 5.99% to close at 45.5. The parent of Manila Water, Ayala Corporation (PSE:AC) also shed 2.79% and closed at 558 per share.
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