Philippine Stocks: Energy Development, Philex Mining, Union Bank
Stock Chart for Energy Development Corp (EDC)
The Philippine Stock Exchange Index (PCOMP) fell 0.8 percent to 4,644.49.
Energy Development Corp. (EDC) slumped 10 percent to 5.66 pesos, its biggest decline since April 2009, after the nation’s largest geothermal company said repair works at its BacMan plant will be extended. First Gen Corp. (FGEN PM), Energy Development’s parent, dropped 10 percent to 13 pesos.
Manila Electric Co. (MER) dropped 1.8 percent to 269 pesos. The nation’s largest power distributor plans to invest 42.6 billion pesos (989 million) through 2014 even amid lower distribution rates. It spent 33.8 billion pesos from 2008 to 2011, the company said in a disclosure to the stock exchange.
Philex Mining Corp. (PX) , the nation’s largest metals producer, lost 2.5 percent to 23 pesos, the biggest drop since Dec. 15. Spot gold fell for the first time in four days, dropping as much as 0.7 percent to $1,726.43 an ounce, while copper futures on the London Metal Exchange declined as much as 1.8 percent to $8,370.75 a metric ton.
Union Bank of the Philippines (UBP PM) gained 1.3 percent to 74 pesos, a record high, after reporting profit last year rose to 6.6 billion pesos ($153 million) from 5.35 billion pesos in 2010.
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