Philippine stocks declined on Tuesday, with the main index declining more than one percent dragged down by mining shares.

The Philippine Stock Exchange index closed at 7,206.84 points, down 87.83 points. The mining and oil sub-index ended 2.67 percent, or down 327.52 points.

Philex Corp. shares lost 12.75 percent as the mineral production sharing agreement for its subsidiary’s Silangan mine was among the 75 cancelled by the Department of Environment and Natural Resources.

Marcventures declined 13.51 percent to end at P1.60.

Volume rose to 4.11 billion shares valued P7.30 billion from the previous day’s 2.72 billion shares worth P5.86 billion.

Foreign selling reached P3.94 billion while foreign buying amounted to P3.35 billion.

The peso improved by four centavos to P49.88 at the Philippine Dealing System. Volume reached $467 million from $347.50 million. DMS