PMEA Blog

Prime Sarmiento

MANILA, Nov. 11 (Xinhua) — Philex Mining Corp. is emerging to be the next darling of the stock market as some of the country’s most prominent businessmen competing to control the Philippines’ biggest and most profitable mining firm.

Wednesday, the main-share Philippine Stock Exchange composite surged to a 19-month high to close 1.68 percent higher at 3,047.14.The buying frenzy over Philex, which accounted for a third of the nearly 120 million U.S. dollars worth of turnover at the local bourse, is one of the key factors that pushed the index to cross the crucial 3,000 point-barrier.

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