Semirara shares plunge after mining accident

ABS-CBNnews.comPosted at 02/14/2013 11:15 AM | Updated as of 02/14/2013 11:57 AM

As of 10:54 a.m. shares of Semirara lost P23.80 to P234 apiece from its Wednesday's close of P257.80. Shares of Semirara opened at P255 apiece.

MANILA, Philippines - Shares of Semirara Mining Corp. plunged Thursday morning, after news broke out about an accident that occurred at the firm's coal mine in Antique province.
Semirara fell to as low as P220 before paring its losses. The broader market, which hit a record high in early trade, was down 0.4 percent. 
Semirara's parent firm DMCI Holdings was hovering over a one-month low and was down more than 3 percent. Shares of the Consunjis' holding firm opened at P54.80 apiece on Thursday.
Volume of Semirara shares traded on Thursday surged to more than 1.1 million, nearly five times its average volume over the last 90 trading days. 
COL Financial in an e-mail said "Given the lack of details, it is hard to determine the impact of the landslide to SCC’s coal mining operations (amount of damages, possible casualties, and potential delays in mining operations)."
"Note that SCC’s coal mining business accounts for 27% of the company’s FY13E earnings based on our estimates. We will be asking management for further details on the incident," the firm continued..  source- With Reuters