Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon local-time close.
The Philippine Stock Exchange Index fell 1.4 percent to 4,437.55, the sharpest loss since March 17. The gauge dropped 1.5 percent this week, snapping six straight weekly gains.
Miners: Atlas Consolidated Mining & Development (AT) Corp slumped 7.3 percent to 20.95 pesos, the sharpest loss since June 2009, after a gauge of metals prices sank to a five-week low. NiHao Mineral Resources International Inc. (NI) declined 13 percent to 2.55 pesos, the steepest loss since January 2009.
The London Metals Index, a basket of six metals traded on the London Metal Exchange, including copper and nickel, fell 1.9 percent yesterday to the lowest since June 28.
International Container Terminal Services Inc. (ICT) , the largest Philippine port operator, fell 5.3 percent to 53.60 pesos, the sharpest loss since May 18, on concern the global economy will stall. “Because of ICTSI’s business, a global slowdown could hurt the company’s earnings outlook,” Jonathan Ravelas, chief strategist at Manila-based Banco de Oro Unibank Inc., said. ICTSI Chairman Enrique Razon couldn’t be reached at his office for comment.
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