June 4 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.
The Philippine Stock Exchange Index plunged 3.4 percent to 4,890.20, the steepest loss since Sept. 26.
Builders: Robinsons Land Corp. (RLC PM), a builder of residential towers, sank 6.5 percent to 16.18 pesos, the sharpest loss since Sept. 23 on speculation remittances from overseas may slow and cut demand for property and homes after China and U.S. data added to signs of a global slowdown. Ayala Land Inc. (ALI PM), the nation’s developer, decreased 2.9 percent to 19.40 pesos, the sharpest loss since May 19.
“The market is concerned a global slowdown will hamper remittances and slow spending on big-ticket items,” Astro del Castillo, managing director at First Grade Finance Inc., said.
Copper producers: Atlas Consolidated Mining & Development Corp. (AT PM) decreased 2.8 percent to 17.50 pesos, the lowest close since Feb. 14. Philex Mining Corp. (PX PM) sank 5.7 percent to 23.05 pesos, the sharpest loss since Sept 26. Copper futures fell 2.8 percent in Shanghai, the lowest close since Oct. 21.
Nickel producers: Nickel Asia Corp. (NIKL PM), the nation’s biggest producer of the metal, declined 4.5 percent to 27.80 pesos, the sharpest loss since May 11. NiHAO Mineral Resources International Inc. (NI PM), an explorer and producer of nickel, declined 2.7 percent to 8.70 pesos, the lowest close since Jan. 31. Nickel for delivery in three months rounded a 5.6 percent weekly loss last week, the most since September.
-- Editor: Ravil Shirodkar
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