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LOCAL share prices closed sharply lower on Friday after the
government announced that inflation hit a 20-month high in March,
rising much higher than expected, dealers said.
The announcement set off speculation of a hike
in interest rates, which damped down investors sentiment, they said.
The composite index fell 51.77 points to
2,983.04 points. The all-share index fell 28.03 points to 1,830.62.
There were 76 decliners and 28 advancers, while
41 were steady.
Volume amounted to 1.7 billion shares worth P3.0
billion.
The local currency traded at 41.696 to the
dollar.
“Inflation is expected to continue rising and
that suggests that the central bank will be under increasing
pressure to lift interest rates,” said Ron Rodrigo of DBP-Daiwa
Securities.
Philippine Long Distance Telephone Co., the
country’s biggest company by market value, fell 0.9 percent to
P2,775.
Megaworld was down 6.7 percent at P2.38, while
Ayala Land, the country’s biggest property developer, lost 2.3
percent to P10.75.
Food and drinks giant San Miguel Corp.’s
A-shares, reserved for Filipinos, fell 1.1 percent to P43.50. Its
B-shares, which have no ownership restriction, were down 4.3 percent
at P45.
-- AFP
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