Philippine Stocks: Lepanto, Manila Electric, PLDT Communications
The Philippine Stock Exchange Index (PCOMP) dropped for the first time in six days, retreating 1.3 percent from yesterday’s record high to 4,967.39.
Miners: Philex Mining Corp. (PX) , the nation’s biggest metals producer, fell 1.6 percent to 21.65 pesos, its steepest drop since Feb. 21. Lepanto Consolidated Mining Co.’s Class A shares (LC) , which are reserved for Filipinos, dropped 3.9 percent to 1.48 pesos. Copper futures for May delivery slid 1.1 percent in New York yesterday, the biggest loss since Feb. 17.
Manila Electric Co. (MER) , the nation’s largest power retailer, rose 2.9 percent to 274.20 pesos, the highest close since Feb. 6. The power generation arm of Manila Electric plans to invest in a wind-power project in Luzon, BusinessWorld reported.
Philippine Long Distance Telephone Co. (TEL) , the nation’s biggest company by market value, slipped 2.8 percent to 2,790 pesos, the biggest drop since Jan. 26. The company’s fourth-quarter net income declined 87 percent, it said in a statement to the stock exchange.
PLDT Communications and Energy Ventures Inc. (PCEV PM) rallied 5.5 percent to 4.2 pesos, the largest gain since Feb. 10. The company reported 2011 net income of 2 billion pesos ($46.6 million), according to a statement to the exchange. Its parent Smart Communications Inc. set a tender offer price for PLDT Communications at 4.50 pesos each, it said in the statement.
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