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LOCAL share prices closed lower Friday on continued worries about
domestic inflation despite gains on Wall Street and the overnight
drop in oil prices, dealers said.
The composite index lost 14.02 points to
2,578.57, while the all-shares index fell 0.3 percent to 1,631.36
points.
Decliners outnumbered advancers, 61 to 27 with
51 unchanged.
Turnover amounted to P2.254 billion from P2.6
billion on Thursday.
The peso rose to 44.350 to the dollar on Friday
from 44.490 the previous day, with trading volume down to $531.5
million from $658 million on Thursday.
Investors ignored the overnight drop in oil
prices and Wall Street’s recovery and continued to worry about
local inflation.
“Oil prices have to correct further. An
overnight decline isn’t enough to turn sentiment around,” Gomer
Tan of Regina Capital Securities told Dow Jones Newswires.
Philippine Long Distance Telephone Co. fell 0.2
percent to P2,470, while Metropolitan Bank and Trust Co. slipped
1.35 percent to P36.50.
-- AFP
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