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LOCAL share prices closed lower Wednesday as worries over the US
financial sector trumped a sharp fall in oil prices, dealers said.
The composite index lost 39.56 points to
2,373.70. The all-share index gave up 17.93 points to 1,509.29.
Decliners swamped advancers 79 to 22, with 32
other issues unchanged.
Turnover fell to P1.648 billion from P2.032
billion on Tuesday.
The peso weakened to 45.520 to the dollar from
the previous day’s 45.460 finish. Trading volume eased to $633.050
million from Tuesday’s $834.860 million.
“We expected the third quarter to be a lean
period, and that is being compounded by investor concern over a
second round effect of the sub prime crisis,” Ron Rodrigo of DBP-Daiwa
Securities told Dow Jones Newswires.
Dealers said the index still had room to drop,
with support pegged at 2,340 points.
They said a possible central bank rate hike
Thursday, to fight surging domestic inflation, may keep trade
cautious.
Philippine Long Distance Telephone Co. was off
2.1 percent to P2,375.
Megaworld Corp. was down 3.4 percent to P1.14
and Manila Electric Co. dropped 5.6 percent to P51.
San Miguel Corp.’s B shares fell 1.2 percent
to P41 while its A shares were unchanged at P40.
-- With AFP
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