By Enrico dela Cruz
Thomson Financial

Philippines — Shares in Philex Mining Corp. were lower in late trade Tuesday, extending a pullback for the fifth straight session and reflecting waning interest in miners as gold prices retreated from record-high levels.

Philex, the country’s biggest producer of gold and copper, was last down 30 centavos or 4.8 percent at P5.90.

Gold for April delivery settled at $918.70 an ounce, down $1.30 or 0.1 percent on Monday on the New York Mercantile Exchange. Gold prices hit a record high of $1,033.90 on March 17.

Philex led the mining sector’s recent rally, driven by the continued rise in metals prices. Gold soared to all-time highs last week as investors hedged against a weakening dollar and rising oil prices.

“We’re seeing a continued correction in Philex as global commodities take a pause from recent rallies,” said Jonathan Ravelas, chief strategist at Banco de Oro Unibank.

Investors shrugged off news that Philex has acquired a 19.85-percent stake in local oil exploration company Petroenergy Resources Corp., another company listed on the local bourse.

Philex gave no financial details about the acquisition, which it said is part of its portfolio investment in oil exploration and production.

($1 = P41.60)