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LOCAL share prices closed lower Friday on continued
concern over the state of the US economy, dealers said.
The composite index shed 12.63
points to 2,437.99, after trading between 2,429.86 and 2,457.71. The
all-share index gave up 5.35 points to 1,544.74.
Forty-six stocks advanced, 43
declined and 55 were unchanged.
Turnover rose to P1.635 billion
compared with P1.55 billion on Thursday.
The peso likewise fell to 45.660
to the dollar from the previous day’s 45.570 finish, with trading
volume rising to $770.750 million from $555.850 million the day
before.
“The rise in the [US on
Thursday] was very small. They have entered the bear market
already,” said Sandra Araullo of Regina Capital Development Corp.
“The economic data that has
been coming out is confirming the economic slowdown of the United
States,” she said.
“Today for the Philippines is
still just a reaction to the bear market.”
Philippine Long Distance
Telephone Co. fell 0.4 percent to P2,425 while Ayala Corp. dropped
2.8 percent to P265.
San Miguel Corp. A and B shares
were unchanged at P40 and P41, respectively.
--AFP
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