Philippine Stocks: Filinvest, Lepanto, Philex Mining, PLDT
The Philippine Stock Exchange Index (PCOMP) decreased 1.3 percent to 4,611.68, the sharpest loss since Nov. 10. The measure fell for a third day, the longest losing streak since Dec. 12.
Miners: Philex Mining Corp. (PX) , the nation’s biggest metals producer, advanced 3.3 percent to 23.60 pesos, the highest close since Nov. 2. Gold climbed to the highest in more than six weeks after the U.S. Federal Reserve said it’s considering more asset purchases and expects “exceptionally low” interest rates through at least late 2014. Manila Mining Corp. Class-B shares (MAB PM), which have no ownership restrictions, gained 3 percent to 6.8 centavos.
Spot gold rose as much as 0.2 percent to $1,714.15 an ounce, the highest since Dec. 12.
Filinvest Development Corp. (FDC) advanced 1.1 percent to 3.74 pesos. East West Banking Corp., a unit of the company, plans to sell 282.1 million shares at up to 23.50 pesos each in an initial public offering, a filing with the Securities & Exchange Commission showed.
Philippine Long Distance Telephone Co. (TEL) , the nation’s biggest phone company, fell 4.5 percent to 2,652 pesos, the most since Aug. 9, before the company’s issuance of new stock for its purchase of additional shares in Digital Telecommunications Philippines Inc. PLDT, as the company is also called, will settle the purchase of 2.89 billion Digital shares tomorrow. It will pay 600 million pesos in cash and issue 1.6 million common shares for the stock in Digital, a Jan. 19 filing showed.
“There’s anticipation that some of those who will get PLDT shares will sell part of what they will receive to book profit,” said Jonathan Ravelas, chief market strategist at Manila-based BDO Unibank Inc.
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