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Philippine mining stocks drop on possible probes

SINGAPORE -- Mining shares in the Philippines fell across the board Wednesday on reports that President-elect Rodrigo Duterte plans to crack down on the industry over environmental concerns.

Philex Mining plunged as much as 12% before ending down 10.86% at 7.14 pesos (15 cents). Nickel Asia ended down 4.57% at 4.80 pesos, while Global Ferronickel Holdings dropped 6.52% to 0.86 peso. The Philippine Stock Exchange's mining and oil sector index tumbled 7%.

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