SE Asia Stocks-Manila snaps 6-day gains; mining shares weighadmin
Philippine stocks posted their largest one-day drop in two weeks on Friday, snapping six straight trading days of gains, as gold miners such as Lepanto Consolidated Mining Co. fell on weak gold prices.
The Philippines ended down 1.13 percent, Indonesian stocks lost 0.52 percent, and Thai stocks were off 0.41 percent by 0513 GMT.
Markets elsewhere rose. Singapore’s key Straits Times Index rose 0.31 percent by midsession, while Malaysian shares added 0.19 percent.
In Manila, gold and copper miner Lepanto Consolidated Mining Co. was the biggest loser on the Philippine stock index after falling 9.3 percent.
Analysts said investors sold mining stocks on fears of softer metal prices. Gold had dropped nearly 2.5 percent to a week low on Thursday, but held steady on Friday.
Philex Mining Corp , which has gold and copper mines, was off 6.3 percent.
Going forward, analysts said Philippine shares may trade in a range next week before testing the psychologically important 2,500 level.
“We would probably be consolidating between the 2,380 and 2,400 level before trying for the 2,500 level,” said Alan Araullo, the vice president at Regina Capital Development Corp. in Manila.
Philippine Long Distance Telephone Co. , the country’s largest telecom, dropped 1.3 percent, while Bank of the Philippine Islands , the country’s second-largest lender, lost 2.6 percent.
Petron Corp. , Philippines’ largest oil refiner, lost 3.8 percent as oil dipped below $67 on Friday to near five-month lows.
In Bangkok, PTT PCL , Thailand’s biggest firm by stock market value, deepened Thursday’s losses as investors sold the stock on worries that it could be delisted.
PTT slid 2.7 percent to its lowest level in nearly 2-ã‚Â½ months, while its unit PTT Exploration and Production fell 1.9 percent.
PTT shares have dived after the Supreme Administrative Court on Wednesday accepted a petition by anti-privatisation groups who want to overturn laws which led to a public share offering in PTT in 2001.
In Singapore, blue chips led gains. United Overseas Bank , Singapore’s second-largest lender, rose 0.6 percent. CapitaLand , Southeast Asia’s largest property developer, added 1.3 percent.
Fraser & Neave , a conglomerate which controls the Frasers Centrepoint Trust , rose 2 percent. Traders said some investors liked the stock for its exposure to the Singapore property sector, which has seen prices rise in recent months.