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LOCAL share prices closed lower on Thursday amid concern about
soaring oil prices, which are trading at record levels, dealers
said.
The composite index fell 4.99 points to 3,176.06
after moving in a narrow range of 3,171.25 and 3,201.82. The
all-share index was down 0.28 points at 1,944.51.
There were 44 decliners and 41 advancers, while
63 stocks were steady. Volume stood at 1.8 billion shares valued at
P2.6 billion.
World oil prices hit a new record above $101 a
barrel on Thursday on renewed concerns over global crude supplies.
“We’re seeing a bit more caution because of
rising oil prices, which may rein in consumer spending,” said
Nestor Aguila of DA Market Securities.
“However, we see the market trying to
consolidate and struggling to build a base at the key 3,200
level,” he said.
“Oil prices are not expected to stabilize soon
and this is somehow unsettling the market,” said Lawrence de Leon
of Accord Capital Equities.
Philippine Long Distance Telephone Co., the
country’s biggest company by market value, was down P10 at P2,930.
But rival Globe Telecom rose P10 to P1,615.
Philex Mining Corp., the country’s biggest
gold and copper producer, advanced 10 centavos to P9.10.
Food and drinks giant San Miguel Corp.’s A and
B shares were steady at P51 each.
The local currency traded at 40.738 to the
dollar.
-- AFP
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