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LOCAL share prices closed sharply lower Tuesday with
record international oil prices triggering fears of runaway
inflation at home, dealers said.
The composite index finished down
35.17 points at 2,855.75.
The all-share index was down
17.80 points at 1,761.71.
Decliners overwhelmed advancers
83 to 17 while 58 were steady.
Turnover rose to P2.8 billion
from Monday’s P2.2 billion.
The local currency traded at
41.91 to the dollar.
“Just when world markets
thought that the US subprime crisis has bottomed out, along comes
disappointing first-quarter results from banks indicating that the
problem is far from over,” said Francisco Liboro of PCCI
Securities.
“If oil prices stay at current
levels or continue to rise, the Philippines will have a bigger
problem. The ballooning inflation will crimp consumer spending and
corporate earnings,” said Lawrence de Leon of Accord Capital
Equities.
Philippine Long Distance
Telephone Co, the country’s biggest company by market value, fell
2.1 percent to P2,620.
Jollibee Foods Corp., the
country’s largest fast-food operator, was down 2.2 percent at
P45.50.
Food and drinks giant San Miguel
Corp. was steady at P44 for A shares and P46 for B shares.
--AFP
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