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LOCAL share prices closed lower Wednesday, with the
key index hitting its lowest level in five weeks on inflation fears,
dealers said.
Another record surge in
international crude oil prices was to blame for those fears, which
also came amid surging prices of food worldwide, they said.
The composite index finished down
30.94 points at 2,824.81, its lowest closing since March 17 when it
settled at 2,793.89. It moved between 2,817.59 and 2,856.90.
The broader all-share index
dropped 13.75 points or 0.8 percent to 1,747.96.
There were 52 decliners and 30
gainers while 69 stocks ended unchanged.
Trading was lean with turnover of
445.2 million shares worth P1.7 billion.
“With oil prices at record
highs, investors could not focus on individual stocks and corporate
earnings,” said Rommel Macapagal of Westlink Global Equities.
Oil prices held above $118 a
barrel in morning trade Wednesday due to a weak dollar. Oil rose to
an all-time high of $119.90 a barrel before settling at a record
$119.37 on the New York Mercantile Exchange Tuesday.
The Philippines is a net importer
of oil and imports nearly all of its oil requirements.
High food and energy costs pushed
inflation in the Philippines to a 21-month high of 6.4 percent in
March.
Index leader Philippine Long
Distance Telephone Co. shed 0.4 percent to P2,610.
Conglomerate Ayala Corp lost 2.3
percent to P322.50.
Food
and beverage conglomerate’s San Miguel Corp.’s A shares,
restricted to local investors, were steady at P44. Its B shares,
without ownership restrictions, closed flat at P46.
 --AFP
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