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September 03, 2015, Thursday
  • 2 PCG officers & a skipper to face criminal raps following the July 2 sinking of M/B Kim Nirvana off Ormoc City. about 1 hour ago |
  • DOTC Sec. Jun Abaya checks out the assembly of MRT 3 prototype train at a depot in Pasay City. about 1 hour ago |
  • At least 8 inmates bolt Lanao del Norte provincial jail. about 1 hour ago |
  • DOJ Sec. De Lima says a prosecutor or a panel of prosecutors will handle the complaints filed vs. 8 INC leaders. about 1 hour ago |
  • DOJ says the complaints of illegal detention & harassment filed by Isaias Samson Jr. will go through regular process. about 1 hour ago |
  • Driver whose van was fired upon at Katipunan Avenue in Quezon City dies in hospital. about 1 hour ago |
  • Abra-Kalinga Road to Nagpaoayan, Baay Licuan in Cordillera partially closed to traffic due to repairs. about 1 hour ago |
  • Hundreds of fishermen join the protest at the Quirino Grandstand vs. supposed restrictive provisions in Amended Fisheries Code. 18 hours ago |
  • Magnitude 6.1 earthquake jolts Sarangani. 18 hours ago |
  • DOTC Sec. Joseph Abaya eyes the awarding of the long-term maintenance contract for MRT 3 within the year. 18 hours ago |
  • Gov’t Procurement Policy Board okays the negotiated mode of procurement for P 2.2B maintenance contract for MRT 3. 18 hours ago |
  • Number of injured in Marikina road accident stands at 14. 18 hours ago |
  • PNP says 10-wheeler trucks like the one that figured in Marikina mishap are not allowed to travel in Barangka. 18 hours ago |
  • Reckless imprudence resulting in homicide & multiple injuries to be filed vs. truck driver involved in Marikina road accident. 18 hours ago |
  • Marikina PNP says cctv shows the 10-wheeler truck involved in Marikina accident was speeding at 60 kph along a curved overpass. 18 hours ago |
  • Marikina PNP identifies the driver of 10-wheeler truck involved in accident in Barangka, Marikina as Fernando Padilla. 18 hours ago |
  • Senators Enrile, Revilla & Fmr. Sen. Edgardo Angara among the respondents in a malversation case linked to PDAF. 18 hours ago |
  • Atty. Levito Baligod asks Ombudsman to probe the alleged misuse of P 500M worth of PDAF by NGOs not related to Napoles. 18 hours ago |
  • Malversation charges filed at Ombudsman vs. 20 incumbent & former lawmakers over alleged questionable use of PDAF. 19 hours ago |
  • Lack of documentary requirements cited as reason why CA did not confirm Comelec Chairman Andy Bautista’s appointment. 23 hours ago |
  • Sen. Juan Ponce Enrile blocks the confirmation of Comelec Chairman Andy Bautista at the Commission on Appointments. 23 hours ago |
  • Jose Maria Abaya surrenders in Camp Caringal, QC after the shooting incident in White Plains that resulted in a woman’s death. 23 hours ago |
  • Inquest proceedings ongoing for Jose Maria Abaya who fired his unlicensed gun at a van in White Plains, QC. 23 hours ago |
  • Victims of road accident in Barangka, Marikina taken to Amang Rodriguez Medical Center & QMMC. 23 hours ago |
  • Driver of 10-wheeler truck that figured in accident along Barangka, Marikina still pinned inside his vehicle as of Wednesday noon. 23 hours ago |
  • PNP Highway Patrol Group (HPG) to begin manning traffic flow at EDSA beginning Monday. 23 hours ago |
  • At least 2 killed as a 10-wheeler truck loses break & rams into 4 other vehicles at overpass going to Barangka in Marikina. 23 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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