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LOCAL share prices closed slightly lower on Thursday at the back of
record oil prices and concerns over the US economy, dealers said.
The downturn was tempered by gains in the
Philippine Long Distance Telephone Co. (PLDT) and other recently
battered stocks, they added.
The composite index was down 12.92 points at
2,940.47, off the day’s low of 2,919.17. The broader all-share
index fell 11.06 points to 1,796.91.
There were 76 decliners and 24 advancers with 38
stocks steady. Volume totaled 812.4 million shares valued at P3.1
billion.
The peso traded at 41.41 to the dollar.
US stocks fell as investors turned cautious over
whether the Federal Reserve’s decision to inject liquidity into
stressed credit markets could do much to revive bank lending and
help turn around the US economy, dealers said.
“The market’s downturn shows that concerns
about rising oil prices, inflation and the US economy’s weakness
continue to dominate,” said Lawrence de Leon of Accord Capital
Equities.
“Despite the mood of uncertainty, it’s
still tempting to buy because prices are at bargain levels,” said
Ron Rodrigo of DBP-Daiwa Securities.
PLDT, the country’s biggest company by market
value, rose P45 to P2,845. But rival Globe Telecom Inc. fell P50 to
P1,420.
Manila Electric Co., the country’s biggest
power distributor, rose two pesos to P81.
Ayala Corp., the country’s biggest
conglomerate, fell P10 to P395.
Food and drinks giant San Miguel Corp’s A
shares, reserved for Filipinos, ended one peso higher at P40.50. Its
B-shares, which have no ownership restriction, rose one peso to P41.
-- AFP
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