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August 04, 2015, Tuesday
  • Comelec says the planned extension of campaign period will prevent candidates from abusing the election rules. 13 hours ago |
  • Comelec considers the extension of campaign period for local candidates from current 45 days to 120 days. 13 hours ago |
  • Comelec mulls the extension of campaign period from current 90 days to 120 days for national candidates. 13 hours ago |
  • Abad says Sec. Mar Roxas will step down once Pres. Aquino has found his replacement at the DILG. 13 hours ago |
  • Binay says more Filipinos have become poor & are experiencing hunger after 5 years under the Aquino administration. 13 hours ago |
  • Binay enumerated the alleged dismal gov’t response during the tragedies in Luneta, Zamboanga, Mamasapano & Tacloban during ‘Yolanda.’ 13 hours ago |
  • Abad says Binay had clapped his hands for the Aquino administration when he was part of it for the last 4 years. 13 hours ago |
  • Binay says MRT, BBL and DAP symbolize the huge failures of the Aquino administration. 13 hours ago |
  • Binay delivers his 40-minute counter-SONA in front of a jam-packed crowd in Cavite State University in Indang, Cavite. 13 hours ago |
  • Sen. Marcos hopes the bullet hole found in his satellite office has no link to the Senate BBL deliberations which he is leading. 13 hours ago |
  • Sen. Bongbong Marcos hopes that what hit his satellite office was just a stray bullet. 13 hours ago |
  • Police investigate a bullet hole found on Sunday at the satellite office of Sen. Bongbong Marcos along Roxas Boulevard. 13 hours ago |
  • House to resume plenary session on BBL on Tuesday. 18 hours ago |
  • Tesda to provide training and livelihood programs for PWDs. 18 hours ago |
  • Shell to implement oil price rollback on Tuesday. 18 hours ago |
  • Pres. Aquino hopes Binay will honor his pledge to serve the people by giving them the right information. 18 hours ago |
  • Pres. Aquino urges Binay to stick to the facts when he delivers his counter-SONA on Monday afternoon. 18 hours ago |
  • Pres. Aquino says Roxas has agreed to stay longer in cabinet so long as proper turnover is guaranteed. 18 hours ago |
  • Pres. Aquino plans to ask Roxas to stay a little longer at the DILG to finish some things. 18 hours ago |
  • Pres. Aquino off to attend BIR's 111th Anniversary in Quezon City on Monday. 20 hours ago |
  • DND hopes China will be sincere in using the 'hotline' that will be opened to ASEAN members as they tackle sea disputes. 20 hours ago |
  • DILG Sec. Mar Roxas may submit his resignation letter to Malacanang on Monday afternoon. 20 hours ago |
  • DILG Sec. Mar Roxas says goodbye to policemen at the flag-raising ceremony in Camp Crame on Monday morning. 20 hours ago |
  • Sec. Mar Roxas reportedly prefers DILG Usec. Austere Panadero to replace him at the DILG. 20 hours ago |
  • Western Samar Rep. Mel Senen Sarmiento & Iloilo Rep. Niel Tupas Jr. reportedly being considered for DILG post. 20 hours ago |
  • Coloma says BBL must be approved by the present congress because peace in Mindanao cannot wait. 20 hours ago |
  • Coloma says Pres. Aquino will not wait for the next congress to pass the proposed BBL. 20 hours ago |
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Stocks drop; DMCI, Semirara lead losers

By MST Business | Feb. 15, 2013 at 12:01am
Stocks retreated Thursday from a record level, as investors took profit from previous days’ rally and as the index was pulled down by the mining sector following reports of an accident in a coal mine of Semirara Mining Corp.

The Philippine Stock Exchange index, the 30-company benchmark, fell 14 points, or 0.2 percent, to close at 6,513.41.  The mining and oil subsector sank 1.6 percent.

The heavier index, representing all shares, also shed 2 points, or 0.1 percent, to settle at 4,091.38, as losers outnumbered gainers, 84 to 72, with 56 issues unchanged.  Value turnover amounted to P7.9 billion.

Four people died and six others were missing after a section of Semirara Mining Corp.’s coal mine pit in Antique province collapsed, prompting the company to halt operations.

Semirara fell 8 percent to P237.20, the sharpest loss since Sept. 23, 2011. It dropped as much as 15 percent after the news. Parent DMCI Holdings Inc. declined 3 percent to P53.05.

Alliance Global Group Inc., which has investments in casino, liquor and fastfood, dipped 2.9 percent to P20.20. MSCI Inc., whose indexes are tracked by investors with about $7 billion in assets, said it will cut the company’s weighting in the MSCI Philippines Index by 2.31 percent to 2.41 percent.

Universal Robina Corp. gained 2.4 percent to P95.20, after MSCI said it will raise the stock’s weightings in its indexes. The changes take effect after Feb. 28, according to MSCI.

“There’s a short-term recalibration” of share prices following MSCI’s announcement, Mark Matthews, Singapore-based head of research at Bank Julius Baer & Co., which manages about $305 billion, said in a phone interview today. “In the long term, it doesn’t make any difference. If the companies are good they will go up, and if they are bad, they go down.”

Meanwhile, other Asian stock markets moved higher Thursday on the heels of positive corporate news and resilience in US consumer spending.

Japan’s Nikkei 225 index rose 0.6 percent to 11,317.61. The Tokyo market shrugged off data showing the Japanese economy shrank for a third straight quarter in the last three months of 2012, as investors expected the yen’s recent weakness would boost company earnings.

South Korea’s Kospi swung between gains and losses to be marginally lower at 1,975.02. Australia’s S&P/ASX 300 advanced 0.8 percent to 5,045.40 largely due to gains in the resource sector. Hong Kong’s Hang Seng rose 0.9 percent to 23,433.27 amid muted trading. Market in Singapore fell while mainland China and Taiwan remained closed for Lunar New Year holidays.

Francis Lun, managing director of Lyncean Holdings in Hong Kong, said the local market was being led higher by financial stocks on “a rumor” that Chinese banks would be given permission to increase lending. Agricultural Bank of China rose 3.7 percent. Industrial & Commercial Bank of China, the world’s largest bank by market value, advanced 2.3 percent.

The Hang Seng, reopening after a three-day holiday, displayed no sign of distress over North Korea’s underground nuclear test that took place Tuesday. With Bloomberg, AP
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