Semirara shares fall as profit declines

SEMIRARA MINING and Power Corp. (SMPC) shares declined last week following the company’s reported drop in nine-month net income, analysts said.

- Isa Jane D. Acabal

The Consunji-led company was among the most actively traded stocks from Nov. 3 to 7, with 11.53 million shares changing hands worth P348.87 million, according to Philippine Stock Exchange (PSE) data.

Semirara’s share price closed at P30 on Friday, down 9.2% from P33.05 the previous week. The decline outpaced the industrial sector's 5.3% drop and the benchmark PSE index (PSEi), which fell 2.9% over the same period. Year to date, the stock is down 14%, compared with a 9.8% decline in the industrial sector and an 11.8% fall in the PSEi.

Juan Alfonso G. Teodoro, equity trader at Timson Securities, Inc., said in a Viber message that the decline “can be attributed to the drop in Semirara’s net earnings, which triggered a round of selling as investors priced in slower profitability and softer demand.”