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Philippine share prices closed 0.5 percent lower amid concerns about
rising inflation and the state of the US economy, dealers said.
They cited worries about rising food costs at
home and a recession in the United States, Manila’s biggest
trading partner.
The composite index lost 14.13 points at
2,940.98, its weakest finish in two weeks.
The all-share index fell 7.17 points to
1,804.47.
Volume was 396.7 million shares worth 2.5
billion pesos (60.03 million dollars). There were 58 decliners and
26 advancers, while 70 were steady.
The local currency traded at 41.647 to the
dollar.
“It appears that investors are still in a
wait-and-see mode because there’s a lot of uncertainty.
“They are not rushing back into the market,
but it is also clear that the declines this week were not as
exaggerated as those we’ve seen not a long time ago,” said
Nestor Aguila of DA Market Securities.
Ayala Land fell 2.3 percent to 10.50 pesos.
San Miguel A was steady at 43.50 pesos. Its
B-shares rose 1.1 percent to 45.50 pesos.
-- AFP
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