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Philippine share prices closed 0.3 percent lower
Monday as bargain hunters partially counteracted more risk-averse
investors spooked by high oil prices and Wall Street weakness,
dealers said.
The composite index gave up 6.30
points to 2,459.98, off a low of 2,459.75 and a high of 2,487.14.
The all share index lost 1.48 points to 1,571.68.
Forty-three issues advanced, 46
retreated and another 46 were unchanged.
Turnover fell to P3.056 billion
($68.06 million) from P7.24 billion on Friday.
The peso traded at 44.899 to the
dollar in the morning.
Gomer Tan of Regina Capital
Development put the support level at 2,380 points and resistance at
2,500 points.
“We are entering a bear market,
and we will probably see more of the same cautious trading until we
see a substantial decline in oil prices,” Tan told Dow Jones
Newswires.
World oil prices closed in on 142
dollars in Asian trades Monday, pushed up by continued worries over
supply and the weak US currency.
San Miguel A added P1.50 to P40
while its B shares rose P2 to P41. Petron added P0.10 to P6.50.
Philippine Long Distance
Telephone Co. was unchanged at P2,395.
Bank of the Philippine Islands
lost P1 to P43, while Banco de Oro dropped P0.50 to P43.
--AFP
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