The Philippine Stock Exchange Index fell 3.91, or 0.2 percent, to 1,901.46 at the close in Manila, after climbing earlier by as much as 0.3 percent. One stock rose for each that declined in the 32-member index.
The following companies were among the most active in Philippine trading. Stock symbols are in parentheses.
Oil explorers: Oriental Petroleum & Minerals Corp.’s Class A shares (OPM PM), which are reserved for Filipinos, fell 0.05 of a centavo, or 5.9 percent, to 0.8 of a centavo, its biggest loss since Dec. 4, after oil fell below $40 a barrel. Philodrill Corp. (OV PM), the second-biggest oil explorer by value, dropped 0.05 centavo, or 5.3 percent, to 0.9 centavo, its most in two weeks.
Crude oil fell for the fourth day, losing 0.5 percent to $39.85 a barrel as of 12:19 p.m. in Singapore. Oil is heading for its lowest close since July 2004.
Bank of the Philippine Islands (BPI PM), the nation’s biggest lender by value, rose 1 peso, or 2.6 percent, to 39 pesos, its sharpest gain since Nov. 25. The bank said its board approved the payment of 90 centavos a share in dividend.
Energy Development Corp. (EDC PM), the largest Philippine geothermal power producer, fell 8 centavos, or 3.4 percent, to 2.28 pesos, its lowest close since Nov. 24, on concern interest payments on its Japanese loans will increase after the yen climbed to a 13-year high. First Gen Corp. (FGEN PM), its parent, dropped 75 centavos, or 6.1 percent, to 11.50 pesos, its sharpest loss since Nov. 21.
Energy Development has 83 percent of its 25.3 billion pesos ($542 million) debt denominated in yen, President Paul Aquino said in June. The yen rose to a 13-year high of 87.14 yesterday, and fell to 87.63 against the dollar as of 12:33 p.m. in Tokyo. The yen has gained 28 percent this year, the best-performing Asian currency.
First Philippine Holdings Corp. (FPH PM), owner of the nation’s largest power retailer, rose 50 centavos, or 3.1 percent, to 16.75 pesos, its highest since Nov. 27. The Philippine Stock Exchange said its board will meet today to discuss an appeal by Manila Electric Co., a unit of the company, to lift the trading suspension imposed on its shares.
Lepanto Consolidated Mining Co.’s Class A shares (LC PM), which owns the nation’s biggest gold mine, dropped 0.5 centavo, or 7.4 percent, to 6.25 centavos, its lowest since January 1990, after the price of the precious metal fell. Gold for immediate delivery fell 0.5 percent to $863.53 an ounce as of 11:50 a.m. in Singapore, ending an eight-day, 15 percent rally. The metal is down 16 percent since it climbed to a record $1,032.70 an ounce in March. (Bloomberg)
