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 tumbled 5 percent to 3,885.96, the steepest loss since Oct. 27, 2008. The gauge has dropped 9.4 percent this week, the sharpest weekly loss since November 2008.
Metal producers: Philex Mining Corp. (PX) , the nation’s largest producer of metals, fell 11 percent to 20.90 pesos, the sharpest loss since December 2009, after a measure of metal prices dropped the most since May 2010. Atlas Consolidated Mining & Development (AT) Corp decreased 11 percent to 15.90 pesos, the biggest decline since November 2008.
The London Metals Index, a basket of six metals traded on the London Metal Exchange, including copper and nickel, dropped 6.4 percent yesterday, the steepest loss since May 4, 2010.
Belle Corp. (BEL) , which is building a casino in Manila, slumped 11 percent to 3.50 pesos, the biggest loss since February 2007, on concern the sell-off in global equities will damp demand for the company’s rights offer, according to Peter Lee, senior investment officer at IGC Securities Inc. The company is offering one share for every six held at 3 pesos apiece, according to an Aug. 26 prospectus. The offer started yesterday, the stock exchange said.
“There is a probability that some shareholders will not subscribe to the rights offer because of the negative market sentiment,” Lee said. Vice Chairman Willy Ocier couldn’t be reached at his office for comment.
San Miguel Corp. (SMC) , the largest Philippine food and drinks manufacturer, sank 5 percent to 115.90 pesos, the sharpest loss since May 5, on concern the global rout will hamper an initial share sale by its SMC Global Power Holdings Corp. unit this year, according to Astro del Castillo, managing director at Manila-based First Grade Finance Inc. San Miguel President Ramon Ang said SMC Global Power will proceed with the share sale.
To contact the reporter on this story: Ian C. Sayson in Manila at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com