Philippine Stocks: Alliance Global, Atlas Mining, Metro Pacific
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of noon in Manila.
The Philippine Stock Exchange Index fell 0.9 percent to 4,227.08, closing at the lowest level since May 6.
Mining companies: Atlas Consolidated Mining & Development (AT) Corp fell 2.7 percent to 17.12 pesos, the sharpest loss since April 7, after copper prices sank. Philex Mining Corp. (PX) , the nation’s largest metals producer, decreased 2.7 percent to 19.08 pesos, the steepest retreat since May 17.
Copper futures plunged 3.2 percent in New York yesterday, the biggest loss for a most-active contract since May 11.
Alliance Global Group Inc. (AGI) , which has investments in property development and casino, tumbled 3.8 percent to 10.78 pesos, the lowest close since Oct. 20. The stock was lowered to “underperform” from “buy” by Leo Venezuela, analyst at CLSA Asia Pacific Markets.
Its 12-month share-price estimate was reduced to 12.44 pesos from 14.74 pesos by Venezuela, who cut earnings estimates for the company’s casino venture due to weaker-than-expected gaming revenue and the entry of competition.
Metro Pacific Investments Corp. (MPI) , which has investments in tollroad, water and energy distribution, fell 1.8 percent to 3.36 pesos, the lowest level since March 31. Metro Pacific Tollways Corp. (TOL) , a unit of the company, said it agreed to review in 60 days a contract awarded by Bases Conversion and Development Authority for the company to manage the Subic-Clark-Tarlac Expressway, a stock exchange filing showed. The government wants the contract, awarded in November, terminated, the filing showed. Shares of Metro Pacific Tollways weren’t traded.
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