Bloomberg News

Philippine Stocks: Atlas Mining, Nickel Asia, Philex, Robinsons

June 04, 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 in Manila.

The Philippine Stock Exchange Index (PCOMP) plunged 3.4 percent to 4,890.20, the steepest loss since Sept. 26.

Builders: Robinsons Land Corp. (RLC) , a builder of residential towers, sank 6.5 percent to 16.18 pesos, the sharpest loss since Sept. 23 on speculation remittances from overseas may slow and cut demand for property and homes after China and U.S. data added to signs of a global slowdown. Ayala Land Inc. (ALI) , the nation’s developer, decreased 2.9 percent to 19.40 pesos, the sharpest loss since May 19.

“The market is concerned a global slowdown will hamper remittances and slow spending on big-ticket items,” Astro del Castillo, managing director at First Grade Finance Inc., said.

Copper producers: Atlas Consolidated Mining & Development Corp. (AT) decreased 2.8 percent to 17.50 pesos, the lowest close since Feb. 14. Philex Mining Corp. (PX) sank 5.7 percent to 23.05 pesos, the sharpest loss since Sept 26. Copper futures fell 2.8 percent in Shanghai, the lowest close since Oct. 21.

Nickel producers: Nickel Asia Corp. (NIKL) , the nation’s biggest producer of the metal, declined 4.5 percent to 27.80 pesos, the sharpest loss since May 11. NiHAO Mineral Resources International Inc. (NI) , an explorer and producer of nickel, declined 2.7 percent to 8.70 pesos, the lowest close since Jan. 31. Nickel for delivery in three months rounded a 5.6 percent weekly loss last week, the most since September.

-- Editor: Ravil Shirodkar

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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