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LOCAL share prices closed slightly lower on Wednesday
despite the positive overnight performance by Wall Street, dealers
said.
The composite index finished down
3.93 points at 3,466.28 points. The broader all-share index lost
0.62 points to end at 2,136.80.
Volume was 1.1 billion shares
worth P3.5 billion.
“Investors just moved
sideways,” said Lawrence de Leon of Accord Capital Equities.
“They are still jittery about
the volatility in global financial markets, and Wall Street’s
modest rally was not enough to convince them to buy up more
shares,” he added.
Analysts said a move by major
central banks to pump more money into the financial system amid a
debilitating credit crunch had given investors little cheer.
“While the intention is to
stimulate the faltering US economy, these moves also acknowledge a
much bigger problem—to what extent is not known—and that
inspires little confidence,” said Jose Vistan of AB Capital
Securities.
Mall operator SM Prime Holdings
Inc. dropped 50 centavos to P10.
Property developer Ayala Land
Inc. slipped 25 centavos to P14. Homebuilder Megaworld Corp. lost
five centavos to P3.75.
Conglomerate Ayala Corp. fell P5
to P495. Metropolitan Bank and Trust Co., the country’s largest
bank by assets, advanced 50 centavos to P53.
Banco de Oro-EPCI, the second
biggest bank, added 50 centavos to P58. Index leader Philippine Long
Distance Telephone Co. closed flat at P3,000.
San Miguel Corp. saw its A shares
rise 50 centavos to P59.50 while its B shares were unchanged at
P59.50.
--AFP
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