Stock News 2013: PSEi rebounds after 8-day decline

Meralco's franchise area. (Photo credit: Wikipedia)

The local stock market found relief after an eight-day bloodbath on Thursday while investors across the region took heart from US Federal Reserve’s vow to maintain its easy monetary policy.

After pulling back by 6.5 percent since hitting successive record highs earlier this month, the Philippine Stock Exchange index clawed back 53.36 points or 0.83 percent to close at 6,472.98 on Thursday.

Fund managers said the decline in the last eight days was a good opportunity to allow investors to reenter the market after locking up gains from recent highs.

All counters bounced but the biggest rise was posted by the services (+2.31 percent) and mining/oil (+1.93 percent) counters.

Value turnover amounted to P9.5 billion. There were twice as many advancers (103) for every decliner (50).

Semirara Mining was an outperformer for the day (+7.09 percent) on reports its coal mining operation may resume operations by April.

http://business.inquirer.net/113477/psei-rebounds-after-8-day-decline

Related articles

• PSEi falls below 6,500 (business.inquirer.net)
• Financial IQ: Still bullish with Philippine stocks? (financialiqphilippines.blogspot.com)
• PSEi sheds more than 109 points (business.inquirer.net)
• PSEi slips on news of PH MSCI cut, Semirara coal mining accident (business.inquirer.net)
• PSEi falls 0.29% at noon (rappler.com)
• New all time high for PSEi (rappler.com)
• Stocks seen moving sideways this week (manilastandardtoday.com)
• Philippine Stocks to Overtake Economy This Year (bloomberg.com)
• Australian firm acquires more coal mining licenses in Malawi (nyasatimes.com)
• First time: PSEi breaks 6,600 level (rappler.com)

Stock News 2010: PNOC-EC starts fund raising for $100-million coal mine-mouth project

Image via Wikipedia

MANILA, Philippines - Publicly-listed PNOC-Exploration Corp. will start raising funds for its $100-million coal mine-mouth project within the year, a company official said.

“Yes, most likely we will borrow money to fund the project,” Rolly Oliquino Jr., PNOC-EC project officer, said in a press briefing yesterday.

He said the company is also in exploratory talks with three groups which have expressed keen interest in the project. He, however, declined to identify the investor groups.

He said they would likely take in a partner for the power plant project but may opt to do the mining component on its own.

The Department of Energy awarded Coal Operating Contract (COC) 122- Isabela coal mine and power plant project to PNOC-EC in December 1997.

Oliquino said if the project pushes through, this will be the first mine-mouth project in the Philippines. PNOC-EC is also the first to develop an onshore natural gas project in Isabela province.

The PNOC-EC project will involve a progressive mining rehabilitation method (PMRM) and a construction of an initial 50-megawatt circulating fluidized bed (CFB) coal-fired power plant in a 2,000-hectare land in Isabela.

COC 122 involved nine coal blocks with total land area of 9,000 hectares, straddling portion of the city of Cauayan and the municipalities of Naguilian and Benito Soliven, but only 2,000 hectares will be developed for the project.

Robert Francisco, another PNOC-EC project officer, explained that the PMRM is the first of its kind in the Philippines which will involve staged mining of relatively smaller areas followed immediately by rehabilitation as opposed to conventional open pit mining that involves large-scale mining activities and rehabilitation works only at the end of the mine life.

Donnabelle L. Gatdula

September 9, 2010

http://www.philstar.com/Article.aspx?articleId=610235&publicationSubCategoryId=66

Related articles by Zemanta

• PNOC-EC explores areas in 5 countries (business.inquirer.net)
• Stakes in natural gas,exploration firm not for sale-Manila (reuters.com)
• Malampaya stake sale on hold as DOE reviews proposed deals (business.inquirer.net)
• PNOC-EC, SMC in talks for deal on Isabela coal power plant (business.inquirer.net)