Bloomberg News

Philippine Stocks: Benguet Slumps, PetroEnergy Resources Rises

May 30, 2012

Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon break in Manila.

The Philippine Stock Exchange Index (PCOMP) fell 0.5 percent to 4,998.04. The measure is heading for a 3.9 percent loss this month, the first monthly decline since November.

Benguet Corp. Class B shares (BCB PM), which have no ownership restrictions, fell 11 percent to 24 pesos, heading for the sharpest loss since May 8. The company’s profit this year may reach 1 billion pesos ($23 million), President Philip Romualdez said. Benguet made a profit of 1.39 billion pesos in 2011, a stock-exchange filing showed.

PetroEnergy Resources Corp. (PERC) increased 1.7 percent to 6 pesos, heading for the highest close since May 22. The company will join exploration and drilling activities in West Africa, the Philippine (PASHR) Star reported, citing Vice President Francisco Delfin Jr. Delfin couldn’t be reached at his office for comment.

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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