Philippine Stocks: Atlas, Metro Pacific, PAL, Philex, Semirara
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index sank 2.6 percent to 4,096.19, the lowest close since March 31.
Miners: Atlas Consolidated Mining & Development (AT) Corp declined 5.4 percent to 17.78 pesos, the lowest close since June 17, as prices of gold and copper declined. Philex Mining Corp. (PX) , the nation’s biggest metals producer, sank 2.1 percent to 23.45 pesos, the lowest close since June 30.
Gold for immediate delivery declined as much as 0.5 percent to $1,773.38 an ounce today. Copper for delivery in three months on the London Metal Exchange sank as much as 3.1 percent to $8,036.25 a metric ton.
PAL Holdings Inc. (PAL) , owner of the nation’s biggest carrier, climbed 3.3 percent to 6.20 pesos. Businessman Manuel Pangilinan agreed to buy the company’s unit Philippine Airlines Inc., the Philippine Daily Inquirer reported, citing an unidentified person. Pangilinan was in a meeting and not available for comment, according to his assistant.
PAL Holdings and Philippine Airlines are not in talks with First Pacific Co. and its unit Metro Pacific Investments Corp. (MPI) , Philippine Airlines President Jaime Bautista said in a mobile phone text message. Philippine Long Distance Telephone Co. (TEL) said in a statement it has no intention to buy the airline. Pangilinan is chief executive at First Pacific and chairman at both Metro Pacific and Philippine Long Distance.
Metro Pacific fell 2.5 percent to 3.09 pesos, the lowest since Aug. 17, while Philippine Long Distance, declined 2.3 percent to 2,238 pesos, the lowest since June 17.
Semirara Mining Corp. (SCC) , the largest Philippine coal producer, fell 3.7 percent to 199.60 pesos, the lowest since June 14, on concern the price of the fuel will decline as oil decreased to the lowest in more than four weeks. Crude oil, which is used as a peg for coal prices, fell as much as 2.1 percent to $84.05 a barrel today.
To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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