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 fell 1.8 percent to 5,263.74, the sharpest loss since June 4.
Gold producers: Lepanto Consolidated Mining Co.’s Class-A shares (LC PM), reserved for Filipinos, sank 5.4 percent to 1.39 pesos, heading for the sharpest loss since Feb. 9. Manila Mining Corp.’s Class-B shares (MAB PM), which have no ownership restrictions, declined 6.7 percent to 7 centavos.
Gold for immediate delivery slid for a fourth day, heading for the longest losing streak since May.
Globe Telecom Inc. (GLO PM), the nation’s second-biggest mobile phone company, slid 1.3 percent to 1,149 pesos, the steepest loss since June 20. Philippine telephone companies’ second-quarter revenues are expected to “remain flat,” Vishesh Gupta, an analyst at JPMorgan Chase & Co., wrote in a report. Analysts’ estimates for earnings before interest, tax, depreciation and amortization have “been revised down by about 2 percent and we expect negative revisions to continue,” he wrote.
Trans-Asia Oil & Energy Development Corp. (TA PM) advanced 1.6 percent to 1.25 pesos, the most since May 28. Lafarge Republic Inc. said it signed an agreement to buy electricity from Trans-Asia under a 5-year contract starting Dec. 26.