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LOCAL share prices fell on Tuesday as other Asian markets slid too
amid concern over the global economy, dealers said.
The composite index fell 44.01 points to
2,413.26 points. The all-share index fell 1.57 percent to 1,527.22
points.
There were only 17 advancers compared with 83
decliners and 42 that remained unchanged.
Turnover amounted to P2.032 billion compared to
P1.7 billion on Monday.
The peso likewise closed lower at 45.460 against
the dollar, from the previous day’s finish of 45.245. Trading
volume at the Philippine Dealing System rose to $834.860 million
from Monday’s $798.700 million.
“The market is down in line with all the other
markets in Asia,” said George Ching of Citiseconline. “Oil,
inflation, the US economy—those are the concerns we share with all
the markets in the region.”
“It’s not country specific. It’s more of
what is happening globally. Unless you see a significant development
for the rest of the world, I think this will be the trend for the
short term,” he added.
A sharp drop in the global price of oil would
offer the best chance for reviving global markets, Ching said.
Index heavyweight Philippine Long Distance
Telephone Co. fell 2.02 percent to P2,425. Banco de Oro Unibank fell
1.29 percent to P38.
San Miguel Corp. saw its A shares fall 1.23
percent to P40 while its B shares were unchanged at P41.50.
-- With AFP
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