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LOCAL share prices closed lower Friday amid political tension at
home and following US Federal Reserve Chairman Ben Bernanke’s
gloomy assessment of the US economy, dealers said.
They said sentiment was hurt as opposition
groups called for a street protest in the financial district of
Makati to press for President Gloria Arroyo’s ouster over a
corruption scandal.
The composite index lost 28.75 points at
3,182.85.
The broader all-share index fell 12.38 points to
1,942.66.
There were 52 decliners and 32 advancers, while
55 were steady.
Volume reached 680.4 million shares worth P3.0
billion.
The peso traded at 40.939 to the dollar.
“There is no reason for the market to go up.
The political uncertainty is dominating trading,” said Rommel
Macapagal of Westlink Global Equities.
“We’ve seen our market go into the opposite
direction [Thursday]… that could go on if these anti-government
rallies escalate,” he said.
Dealers also cited the US stocks downturn after
Bernanke warned of more mortgage-related losses at banks.
“It is this fundamental news that will
certainly spook regional investors who view a US economic slowdown
as critical to sustaining expansion in Asian economies,” said
Francisco Liboro of PCCI Securities.
Philippine Long Distance Telephone Co. fell P55
to P2,935.
Globe Telecom lost P20 at P1,550. Ayala Corp
gained P2.50 at P457.50 while Ayala Land ended flat at P12.50.
San Miguel A fell P1 to P51 while its B shares
were down 50 centavos at P51.50.
-- AFP
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