|
LOCAL share prices closed sharply lower on Friday following a
sell-off on Wall Street caused by fresh concerns over more credit
problems in the United States, dealers said.
The composite index slid 88.11 points to
3,028.73, its weakest close since January 22, when it settled at
2,978.41.
The broader all-share index fell 45.66 points to
1,859.02.
Decliners overwhelmed advancers 95 to 19, while
41 were steady.
Volume amounted to 1.1 billion shares valued at
P3.7 billion.
On Wall Street the Dow Jones dropped 214.60 or
1.75 percent to 12,040.39 on Thursday, while other US benchmarks
slid more than two percent.
The gnawing threat of a recession in the US is
keeping global fund managers on edge and this makes them “pretty
active in swiftly juggling funds from market to market,” said
Francisco Liboro of PCCI Securities.
Philippine Long Distance Telephone Co., the
country’s biggest company by market value, fell P55 to P2,845.
Metropolitan Bank and Trust Co., the country’s
biggest bank by assets, tumbled two pesos to P39.50.
Ayala Land Inc., the country’s biggest
property developer, was down 50 centavos at P11.
Philex Mining Corp., the country’s biggest
miner, slid 30 centavos to P7.20.
San Miguel Corp’s A-shares, reserved for
Filipinos, fell 50 centavos to P44.50. Its B-shares, which have no
ownership restriction, slumped P2.50 to P44.50.
-- AFP
|
