Philippine Stocks Movers: Manila Electric, NiHAO, Starmalls
The Philippine Stock Exchange Index (PCOMP) fell 0.5 percent to 5,240.28. The measure fell for a third day, the longest losing streak in two months.
Metals Producers: NiHAO Mineral Resources International Inc. (NI) increased 6.1 percent to 10.40 pesos, the highest close since May 8. Geograce Resources Philippines Inc. (GEO) climbed 2.9 percent to 72 centavos, the highest close since July 6. The London Metals Index, a basket of six metal futures including copper and nickel, rose 0.8 percent yesterday, ending a three-day slump.
Manila Electric Co. (MER) , the nation’s biggest power retailer, rose 1.2 percent to 255 pesos, the first gain in three days. The company expects power charges to rise again in August, after an increase this month.
Starmalls Inc. (STR) decreased 2.4 percent to 4.15 pesos, the lowest close since June 22. The company’s board approved the sale of Starmalls shares by principal shareholder Fine Properties Inc. and subsidiary Manuela Corp. through a so- called “private placement” with U.S. investors, a stock- exchange filing showed.
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