THE Philippine Stock Exchange Index lost 4.99 or 0.2 percent, to 3,176.06 at the close in Manila, reversing earlier gains. The following are among the most active stocks in the Philippine market Thursday.

Exploration and Mining Stocks: Philodrill Corp., the second-largest Philippine oil explorer by market value, led gains among oil explorers on higher crude-oil prices. The stock added 0.3 centavos, or 11.5 percent, to 2.90 centavos, gaining the most since August 23. Oriental Petroleum & Minerals Corp., rose 0.1 centavo, or 4.6 percent, to 2.30 centavos, the highest since January 21. Alcorn Gold Resources Co. gained 0.1 centavo, or 7.7 percent, to 1.40 centavos.

Galoc Production Co., which operates the Galoc field where Philodrill, Oriental and Alcorn have stakes, said Thursday that the development of a well had been completed, signaling drilling.

Crude oil for April delivery was at $99.90 a barrel, up 20 cents, in after-hours electronic trading on the New York Mercantile Exchange at 11:48 a.m. in Singapore. Oil rose to a record $101.32 a barrel Thursday.

Philex Mining Corp. rose 10 centavos, or 1.1 percent, to P9.10.

Gold for immediate delivery traded at $941 an ounce at 10:12 a.m. Singapore time. It jumped to $945.60 an ounce Wednesday. The precious metal gained as rising commodity costs and a weakening dollar boosted its attraction as a hedge against inflation.

Fil-Estate Land Inc., a property developer, added 2 centavos, or 2.5 percent, to 82 centavos after it reported that net income the first quarter ended December 31 almost doubled to P8.5 million ($208,640) from P4.4 million a year earlier. Revenue rose 21 percent.

Philippine National Bank was unchanged at 33.50.

Bank President Omar Mier said the lender, within a year from a merger with Allied Banking Corp. plans to raise about P15 billion ($368 million) in fresh capital.

Union Bank of the Philippines fell 50 centavos, or 1.3 percent, to P37. The bank’s board of directors Wednesday approved a cash dividend of P1.80 per share, totaling P1.15 billion, it said in a statement to the stock exchange Thursday. (Bloomberg)

A PUBLICLY listed mining company is alloting P1.5 billion to support current operations in its Benguet facility and explore for gold and copper in Negros, Surigao, Zamboanga and Madagascar in Africa, its first direct investment abroad.

Lopez entities convert shares

TWO Lopez-led companies—First Philippine Electric Corp. (First Philec) and First Philippine Realty Corp.—have converted into cash their preferred shares bought last November from listed power and infrastructure conglomerate First Philippine Holdings Corp. (FPHC) as part of the latter’s initiative to increase the company’s capital.

THE Philippines’ largest telecommunications company has delayed its planned upgrade to its New Generation Network (NGN)—which, like the Internet, transmits voice, data and video in packets—while it addresses congestion issues within its current system.

AN Information technology company will be setting aside P200 million for capital expenses, bulk of which will be spent on the construction of its building at the South Luzon Expressway.

THE Philippine Stock Exchange Index lost 4.99 or 0.2 percent, to 3,176.06 at the close in Manila, reversing earlier gains. The following are among the most active stocks in the Philippine market Thursday.

PUT it down perhaps to the Year of the Rat. Things are certainly picking up for the Tan Yu Group and its Philippine head, Elena Tanyu Coyiuto.