Philex top gainer in H1 on gold price surge
Mining stocks emerged as the winners of the first semester as the price of gold, a safe-haven asset, surged amid global uncertainties, while a troubled casino developer saw one of the local bourse’s steepest losses.
Data from the Philippine Stock Exchange show that Manuel V. Pangilinan-led Philex Mining Corp. was the top gainer of the local bourse in the January to June period, with the share price ballooning by 130.11 percent to P6.42 each.
It was followed by Felipe Yap-led Lepanto Consolidated Mining Co., whose “B” and “A” shares rallied by 108.96 percent to P0.14 and 107.46 percent to P0.14, respectively.
Alfred Benjamin Garcia, research head at AP Securities Inc., told the Inquirer that gold prices had jumped by 26.2 percent to $3,312.59 per ounce at the end of June versus December 2024.
Gold is typically seen as a hedge against global uncertainties—including the tariff war and geopolitical tensions—due to its reputation as a safe-haven asset.“This was the key catalyst for the uptrend in mining stocks,” Garcia said. “More specifically for [Philex], the market is already starting to price in the start of commercial operations of its new Silangan Mine in Mindanao by the first quarter of 2026.”
Pangilinan earlier confirmed to reporters that Philex’s copper-gold mine project in Surigao del Norte province gained the interest of a foreign investor. The unnamed investor opted for a minority stake, the billionaire said.
Other top-performing mining firms were Manila Mining Corp. “B” (up 90 percent to P0.0057), Manila Mining Corp. “A” (up 86.67 percent to P0.0056) and Apex Mining Co. Inc. (up 78.84 percent to P6.17 each).
Also among the biggest gainers were Philweb Corp. (up 95.71 percent to P2.74), Philippine National Bank (up 92.42 percent to P53.50), DigiPlus Interactive Corp. (up 91.53 percent to P52) and Jackstones Inc. (up 79.65 percent to P2.03).
Top losers
Meanwhile, PH Resorts Group Holdings Inc. (PHR) was among the biggest losers of the semester, tumbling by 71.67 percent to P0.15 per share.
To recall, PHR is the developer of the long-stalled Emerald Bay Resort Hotel and Casino in Lapu-Lapu City, Cebu province.
PHR has been struggling to find the right investor for the $300-million project that was already dropped by Bloomberry Resorts Corp., AppleOne Properties Inc. and Tiger Resort Leisure and Entertainment Inc.
So far, the company has enlisted EEI Corp. as its newest investor, although there have not been any significant developments.
Other top losers were Cirtek Holdings Philippines Corp., Metro Alliance Holdings and Equities Corp., Lorenzo Shipping Corp., Boulevard Holdings Inc., IPM Holdings Inc. and Prime Media Holdings Inc.
