Philippine stock index falls two percent
The Philippine stock market’s main index lost two percent to end at 7,553.76 on Friday.
The indices of holding firms and property issues pulled down the index, losing 2.45 percent and 2.24 percent.
The mining and oil index lost 0.30 percent as the resources sector poised for next week’s announcement of the two-month audit carried out by Environment Secretary Gina Lopez.
The audit, which is to be revealed on Sept 22, coincides with the meeting of the US Federal Reserve on whether to raise interest rates.
Lopez, in a televised press conference, said “the way we do the audit will actually implicate or make a statement in the standard that we will have… We must be better than Canada and Australia because we are in a geo-hazard zone.”
“The reason why the mining industry is the way it is today because the DENR (Department of Environment and Natural Resources) set very low standards of performance,” she said.
Last Thursday Nickel Asia said in a disclosure to the stock exchange that it would sell 12 percent stake in Taganito HPAL (THPAL) to Sumitomo Metal Mining Corp of Japan for $42 million.
Nickel Asia will retain a 10 percent interest in THPAL (from 22.5 percent) while Sumitomo Metal Mining Corp’s ownership will increase to 75 percent from 62.5 percent. Mitsui & Co. Ltd. of Japan holds the remaining 15 percent. The deal is expected to be completed by end-2016, a report by COL Financial said. DMS/Ella Dionisio
