PSEi falls; peso rises to near 4 1/2 year high


Posted at Sep 10 2012 06:55 PM | Updated as of Sep 11 2012 02:55 AM

MANILA, Philippines - The Philippine Stock Exchange (PSE) index returned to red territory, dragged down by losses in Philex Mining and amid mixed sentiment over last week's poor US jobs report and bad growth data from Japan. 

The PSEi fell 0.20% to 5,190.81. Philex dropped to a 17-month low of P14.98 in early trade after its chairman Manuel V. Pangilinan said its gold mine in Padcal, Benguet will remain closed for the rest of the year, following a series of leaks from its waste pond. 

Philex pared some of those losses to close at P15.80 per share, still down by 8.1%.

Petron, meanwhile, was up more than 2% on its first day as a member of the composite index.

At the foreign exchange market, the peso rose to a nearly four-and-a-half year high at 41.615 to the dollar. - ANC