This feels like deja vu.
Markets fluctuating wildly due to rumors of another global recession, stock prices freefalling in unprecedented levels, wary investors holding on to paper losses while hoping everything will be all right — this looks like 2007-2008 all over again.
Did the Roman Catholic Archbishop of Manila unload more than 1 million shares of Philex Mining Corporation (PX) in April and May 2011 and sold them directly to Chairman and CEO Manny V. Pangilinan (MVP)?
Documents from the Philippine Stock Exchange (PSE) seem to show that they did. A cursory look at the latest list of the Top 100 stockholders of Philex confirms that the Catholic Archbishop of Manila is not anymore a major stockholder of the company and that MVP has replaced the Church’s spot as the top 15th shareholder.
After a voluntary trading suspension request yesterday, the shares of Lepanto Consolidated Mining Company (LC / LCB), Philex Mining Corporation (PX), and Manila Mining Corporation (MA / MAB) will resume trading today, following a disclosure announcement that PX is entering into a joint venture with Manila Mining in the exploration and development of the Kalayaan Project in Placer, Surigao del Norte.
Earlier this morning, I panicked after logging in to my BPITrade online trading account because one of my holdings, Philex Mining Corporation (Stock Code: PX) was trading at only P7.50 per share.
You can’t blame me. Only yesterday, the stock was trading at P9.40 and a P7.50 market price means a steep one-day decline of 20% (read: WTF! I’m losing a lot of money in just one day!).
My PX shares at P8.80
At P7.50, I stand to lose money because I originally bought PX shares at P8.80.
I scoured local news websites for any update on what caused Philex’s price to drop. I found nothing. Is this the end of my trading account? Should I just accept the fact that I lost a lot of money in this stock?
