(The Philippine Star) | Updated February 3, 2017 - 12:00am
MANILA, Philippines -
Mining stocks nosedived yesterday after Environment and Natural Resources
Secretary Gina Lopez announced the closure of 21 mining companies, bringing the
main composite index to negative territory.
The benchmark
Philippine Stock Exchange index retreated 1.54 points, or 0.02 percent, to
settle at 7,225.91 and so did the broader All Shares index which shed 0.08
percent to end at 4,365.71.
Total value turnover
reached P5.942 billion as decliners outnumbered advancing stocks, 102 to 80
while 44 issues were left unchanged.
Of the 21 firms ordered
closed, listed mining companies saw their share prices plunge. These are
Benguet Corp Nickel Mines, which declined to P1.90 per share or down 10.38
percent while Nickel Asia Corp. also saw it price go down 0.58 percent to P6.81
per share after its subsidiary Hinatuan Mining was also ordered to shut down.
Another listed company,
Marcventures saw an 11.11 percent drop in its share price to P1.84.
Meanwhile, the DENR
also ordered the suspension of Lepanto, Citinickel and DMCI Mining
Co.’s Berong Nickel. Other companies which operations are
suspended by the DENR are Ore Asia and Oceanagold.
The mining and oil
index plunged 200.73 points to 11,951.84.
Luis Limlingan, managing
director of Regina Capital said Philippine markets continued to trade flat as
the Federal Reserve painted a comparatively positive picture of the US economy
which suggests it remains on track to tighten monetary policy this year
although it offered no clear signal on the timing of the next rate move.
No comments:
Post a Comment