Bloomberg News

Philippine Stocks: Benguet Corp., Geograce Resources, SM Prime

April 11, 2012

Shares of the following companies had unusual moves in Philippine (PASHR) trading. Stock symbols are in parentheses and prices are as of the close of trading in Manila.

The Philippine Stock Exchange Index (PCOMP) fell for a fourth day, losing 0.1 percent to 5,017.44, the lowest close since March 13.

Miners: Geograce Resources Philippines Inc. (GEO) fell 4.7 percent to 81 centavos, the lowest close since Feb. 9, after a measure of metal prices dropped to the lowest in three months. Benguet Corp. (BC) Class-B shares, which overseas investors can own, sank 5.9 percent to 25.40 pesos, the lowest close since Oct. 25. The London Metals Index, a basket of six metals futures contracts including copper and nickel, fell 3 percent yesterday to the lowest level since Jan. 11.

SM Prime Holdings Inc. (SMPH) , the nation’s biggest shopping mall operator, fell 2.4 percent to 16.30 pesos, the lowest close since March 12, after a court stopped the company from cutting down 182 trees to expand its mall in Baguio City. A court issued a temporary environmental protection order to stop SM from cutting down trees, ABS-CBN News reported yesterday. The company said it planned to build a retaining wall to stop soil erosion that might eventually affect the “structural integrity” of the mall.

To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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