South Asia Cement shares decline on competition

Philippine cement company South Asia Cement Holdings' share price dropped the most in eight months on prospect of increasing competition. The Philippine authorities are currently contemplating removing import tariffs on cement to lower cement prices. The market is concerned that Seacem's margins will deteriorate as a result, and as a result the share price sank by 6.7%. Seacem is the third largest producer of cement in the country, reports Bloomberg News.