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Philippine Stocks: Philex Mining, Philippine National Bank

Jan. 11 (Bloomberg) -- The Philippine Stock Exchange Index fell 80.21, or 2 percent, to 4,032.37 at the noon local time close, sliding to its lowest level since Dec. 1.

The following companies were among the most active in Philippine trading. Stock symbols are in parentheses.

Miners: Philex Mining Corp. (PX PM), the nation’s largest metals producer, slid 3 percent to 15.14 pesos, the steepest loss since Oct. 19. Manila Mining Corp.’s Class B shares (MAB PM), which have no ownership restrictions, declined 4.2 percent to 2.3 centavos.

Copper for delivery in three months slid 1 percent to $9,321 a ton yesterday in London, the lowest since Dec. 23. The metal traded 1 percent higher today.

Philippine National Bank (PNB PM) fell 2.9 percent to 59 pesos, the lowest close since Dec. 20, after Allied Banking Corp. said in a statement there is no definite schedule for their planned merger.

Philippine Long Distance Telephone Co. (TEL PM), the nation’s biggest company by market value, declined 1.1 percent to 2,488 pesos, the sharpest loss since Dec. 1. The stock was cut to “neutral” from “buy” at Nomura Holdings Inc., which cited rising competition in the wireless industry and “legacy declines” in its fixed-line business. The share price estimate was lowered to 2,760 pesos from 3,050 pesos, the report said.

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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