Cebu Pacific and AirAsia fall, Philippine Airlines gains

Philippine Airlines’ (PAL) shares jumped 5% on Friday, shrugging off a 1.2% fall on the Philippine Stock Exchange. It was PAL’s biggest daily gain since 24-Nov-2010 reversing a 10% slide in the stock after AirAsia announced plans for a local JV. The Philippine Board of Investments approved AirAsia’s plans on 07-Dec-2010.

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