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LOCAL share prices closed lower on Wednesday amid
renewed fears of inflation after oil prices struck a fresh record
high and topped $100 a barrel, dealers said.
They said investors were also
worried by domestic politics amid growing anger at President Arroyo
over allegations that her husband and a key ally were involved in
corruption.
The composite index edged down
9.62 points to 3,181.05 after moving in a narrow range of 3,178.21
and 3,193.46.
Volume amounted to 1.7 billion
shares valued at nearly P3 billion. There were 70 decliners and 36
advancers, while 44 stocks were steady.
The broader all-share index lost
4.42 points to 1,944.79.
The local currency traded at
40.698 to the dollar.
“The low volumes speak a lot
about investors being cautious. It reflects their wait-and-see
stance as they closely monitor domestic political developments and
the state of the US economy,” said Jonathan Ravelas of Banco de
Oro.
Metropolitan Bank and Trust Co.
was down 50 centavos at P44.50. Bank of the Philippine Islands fell
one peso to P57.
Philippine Long Distance
Telephone Co. was steady at P2,940.
Globe Telecom advanced P30 to
P1,605.
San Miguel Corp. A was steady at
P51 while its B shares fell P1 to P51.
--AFP
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