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PHILIPPINE share prices closed lower Friday as
continuing concerns over problems in the US home loan market killed
off an attempted rally, dealers said.
The composite index lost 6.78
points to 3,352.24, its lowest level since May 10 when it settled at
3,342.21.
On the day, the market was up 70
points to peak at 3,429.81 before ending lower and nearly 5 percent
down for the week.
The all-share index fell 23.50
points to 2,150.18.
Declines led gains 127 to 19,
with 27 stocks unchanged.
Turnover was 5.3 billion shares
worth P7.7 billion.
“The wild swings in the
equities market reflect the ongoing concerns about the credit market
in the US. However, I still believe that, given our sound
fundamentals, Philippine stocks will soon bounce back,” said
Jonathan Ravelas of Banco de Oro.
“Hopefully, if Wall Street
stabilizes [later Friday], we can see bargain hunters coming back in
on Monday,” Ravelas added.
Jose Vistan of AB Capital
Securities said investor concerns were exacerbated by worries about
the dry spell in some parts of the Philippines and its potential
impact on power supplies and farm output.
He said positive catalysts will
be needed to push the main index back above the key 3,400 points
level.
Philippine Long Distance
Telephone Co. bucked the broader market’s decline, rebounding from
steep losses earlier in the week ahead of the release of its results
for the three months to June next Tuesday.
PLDT jumped P105 to P2,625.
Ayala Land fell 75 centavos to
P15.
SM Investments was down P15 to
P377.50. Megaworld Corp. was off 15 centavos to P3.40.
San Miguel also fell back, with
its A shares down P1 to P67 and the B shares P2 lower to P69.
--AFP
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