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Philippine Stocks: Abra, Greenergy, Lepanto, Philex Petroleum

Sept. 12 (Bloomberg) -- Shares of the following companies may have 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 fell 1.2 percent to 4,296.05, its second day of losses.

Index-related stocks: Lepanto Consolidated Mining Corp.’s Class-A shares (LC PM), which are reserved for Filipinos, sank 4.9 percent to 1.35 pesos, the first loss in three days. Its Class-B shares (LCB PM), which have no ownership restrictions, declined 4 percent to 1.45 pesos, the lowest since Aug. 10. First Philippine Holdings Corp. (FPH PM) declined 1.1 percent to 56.35 pesos, the lowest since March 30. Security Bank Corp. (SECB PM) decreased 1.2 percent to 90 pesos, the lowest since Aug. 9. Lepanto, First Philippine and Security Bank are among five stocks that the exchange will remove today from the nation’s benchmark equities index.

Abra Mining & Industrial Corp. (AR PM) jumped 10 percent to 0.55 centavo, the highest close since November 2009, after the company said its board authorized a joint-venture agreement with Olympus Pacific Minerals Inc. for the development of a mining asset.

Greenergy Holdings Inc. (GREEN PM) slumped 7.7 percent to 1.2 centavo, after the company’s board approved the sale of 5.5 billion shares through a so-called private placement at 1 centavo a share.

Philex Petroleum Corp. (PXP PM), the petroleum unit of the largest Philippine metals producer, jumped to 8.60 pesos, valuing the company as the nation’s second-biggest oil exporter, after 1.7 billion common shares were listed on the stock exchange at 1.20 pesos each. Philex Mining Corp. (PX PM), which owns the company, increased 0.4 percent to 27.10 pesos.

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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