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LOCAL share prices closed lower Friday on lingering concerns about
rising inflation and signs of an economic slowdown in the US,
dealers said.
Investors also largely stayed on the sidelines
since trading will be shortened next week since Thursday and Friday
are holidays.
The composite index fell 33.94 points to
2,906.53 points. The broader all-share index lost 12.47 points or
0.7 percent to 1,784.44.
There were 46 decliners and 34 advancers, while
53 stocks were steady.
Volume amounted to 842.1 million shares worth
P1.8 billion.
“The environment is still uncomfortable and
that’s why people prefer to stay on the sidelines,” said
Jonathan Ravelas of Banco de Oro Unibank.
Nestor Aguila of DA Market Securities said:
“Our market is taking in all the negative news. We don’t think
we have seen the worst. We may see more losses in the US market and
more spikes in crude oil prices in the coming days.”
Philippine Long Distance Telephone Co. (PLDT),
the country’s biggest company by market value, fell P115 to
P2,730.
Ayala Land Inc., the country’s biggest
property company, fell 30 centavos to P9.70. Megaworld Corp., the
second biggest, lost eight centavos to P2.18.
Petron Corp. fell 10 centavos to six pesos after
the oil refiner announced that a unit of London-listed Ashmore Group
has offered to buy Saudi Aramco’s 40 percent stake in Petron for
$550 million.
Food and drinks giant San Miguel Corp’s
A-shares, reserved for Filipinos, rose 50 centavos to P41 following
recent losses. Its B-shares, which have no ownership restriction,
were up 50 centavos at P41.50.
-- AFP
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