Manila's Philex slides over 13 pct after steep gains - News

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Manila's Philex slides over 13 pct after steep gains

By: AFX | 15 Nov 2009 | 09:05 PM ET

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MANILA, Nov 16 (Reuters) - Philex Mining Corp fell sharply in heavy trading on Monday as the Philippines' top miner, which has surged on talks of a looming battle for control, corrected after disappointing results. Philex slid as much as 13.43 percent to 14.5 pesos (31 U.S. cents) in early trade. Philex slid 14.1 percent on Friday after it announced that third quarter profit dropped 42 percent from a year earlier. "If you look at earnings alone, that was disappointing," said a Manila-based analyst, who spoke on condition of anonymity. "The results were underwhelming." On Thursday, an official of Hong Kong's First Pacific Co Ltd , which holds 22 percent of the gold and copper miner, said the investment firm wants to raise its stake in Philex to more than 30 percent, although the group was not too keen on acquiring control. Newspapers have said San Miguel Corp may be interested in gaining a stake in Philex through allies. The group of powerful local businessman Roberto Ongpin, a San Miguel ally, had increased its stake in the miner last week. Philex is up nearly 300 percent so far this year, the top gainer among the stocks comprising the main index, which was down 0.58 percent at 0144 GMT. ($1 = 46.5 pesos) (Reporting by Rosemarie Francisco) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: PHILEX/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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