Philippine Stocks: Globe, Lepanto Mining, Philippine Telephone
The Philippine Stock Exchange Index (PCOMP) fell 1.8 percent to 5,263.74, the sharpest loss since June 4.
Gold producers: Lepanto Consolidated Mining Co.’s Class-A (LC) shares, 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) , 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) 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.
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