Philippine Stocks: Benguet Corp., Geograce Resources, SM Prime
The Philippine Stock Exchange Index (PCOMP) fell for a fourth day, losing 0.1 percent to 5,017.44, the lowest close since March 13.
Miners: Geograce Resources Philippines Inc. (GEO) fell 4.7 percent to 81 centavos, the lowest close since Feb. 9, after a measure of metal prices dropped to the lowest in three months. Benguet Corp. (BC) Class-B shares, which overseas investors can own, sank 5.9 percent to 25.40 pesos, the lowest close since Oct. 25. The London Metals Index, a basket of six metals futures contracts including copper and nickel, fell 3 percent yesterday to the lowest level since Jan. 11.
SM Prime Holdings Inc. (SMPH) , the nation’s biggest shopping mall operator, fell 2.4 percent to 16.30 pesos, the lowest close since March 12, after a court stopped the company from cutting down 182 trees to expand its mall in Baguio City. A court issued a temporary environmental protection order to stop SM from cutting down trees, ABS-CBN News reported yesterday. The company said it planned to build a retaining wall to stop soil erosion that might eventually affect the “structural integrity” of the mall.
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