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LOCAL share prices closed lower Friday, hitting an 18-month low amid
continued fears of inflation, dealers said.
Returning from the May Day holiday, investors
were also more cautious ahead of the release next week of quarterly
results of the country’s biggest companies and the inflation
reading for April.
The composite index lost 26.82 points at
2,722.95.
This was its weakest finish since November 2,
2006, when it settled at 2,721.78.
The all-share index fell 12.04 points to
1,703.53.
There were 47 decliners and 36 advancers, while
61 were steady.
Turnover fell to P2.2 billion from Wednesday’s
P2.7 billion.
“Inflation remains a major concern and we’re
also a bit disappointed because foreign funds are not yet coming
back into the local market,” said Nestor Aguila of DA Market
Securities.
Rommel Macapagal of Westlink Global Equities
said investors were also waiting for results of big companies before
taking bigger positions.
“The market is consolidating and building a
base, the catalyst would be the earnings reports and outlook of
companies. We’ll see how the economic slowdown and high prices
will impact on corporate results.”
Philippine Long Distance Telephone Co. was down
0.6 percent at P2,550 while Globe Telecom Inc. fell 3.3 percent to
P1,315.
Philippine National Bank rose 3.3 percent to
P31.50, extending gains from the previous session, after the bank
announced it will merge with Allied Banking Corp.
San Miguel Corp. A shares gained 2.2 percent at
P46. Its B shares were steady at P49.
-- AFP
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