Philippine Stock Movers: Geograce, Megaworld, Philex Mining
The Philippine Stock Exchange Index (PCOMP) rose 0.4 percent to 5,210.89, its first gain in four days. The measure has declined 0.1 percent this week.
Metals Producers: Geograce Resources Philippines Inc. (GEO) advanced 1.7 percent to 61 centavos, the sharpest gain since July 10. Dizon Copper-Silver Mines Inc. (DIZ) increased 2.6 percent to 31.80 pesos. The London Metals Index, a basket of six metals that include copper and nickel, climbed 1.3 percent yesterday to the highest level since July 4.
Megaworld Corp. (MEG) , a builder of residential and office towers, advanced 1.9 percent to 2.15 pesos, the most since June 27. Megaworld created a new unit, Prime Properties Investment Group, to provide personalized services to buyers of so-called “ready for occupancy” homes, BusinessMirror reported, citing Donna Racho, vice president at the unit.
Philex Mining Corp. (PX) , the nation’s biggest metals producer, lost 0.7 percent to 21.40 pesos, the lowest close since April 23. The stock fell for a fifth day, its longest losing streak since Jan. 2. The development of the company’s Bayugo and Kalayaan sites are uncertain because of the nation’s new mining rules, Chairman Manuel Pangilinan said. Philippine President Benigno Aquino this month signed an order expanding a mining ban and extending a moratorium on project approvals until Congress legislates higher royalties from resource contracts.
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