PH shares dragged by Asian weakness on Iraq violence

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Philippine shares fell on Monday, mirroring the weakness in other Asian markets amid fears that escalating tension in Iraq would inflate global oil prices further.

“The wider Asian region is covered in red as concerns over tensions in the Middle East, mainly Iraq, blew thick clouds on what was then a bullish horizon,” Accord Capital Equities Corp. analyst Justino Calaycay said.

“Value calculations have once more been skewered by prospects of increased inflationary pressures on fears the eruption of violence in Iraq will squeeze global oil supply,” he added.

The Philippine Stock Exchange index fell 26.50 points or 0.39 percent to 6,758.45, while the wider all shares lost 6.39 points or 0.16 percent to 4,057.80.


Most of the sector indices ended in the red except for mining and oil and property.

Mining and oil went up by 73.69 points or 0.48 percent to 15,339.35, while property rose 15.77 points or 0.60 percent to 2,647. 06.

Among the decliners, holding firms saw the largest decline, losing 45.81 points or 0.76 percent to 6,150.02, followed by services, which went down by 10.48 points or 0.52 percent to 2,005.93.

Financials dipped by 4.12 points or 0.26 percent to 1,595.65 while industrials edged down 7.21 points or 0.07 percent to 10,368.88.

The total number of shares traded was 1.1 billion shares valued at P6.7 billion. Decliners narrowly beat advancers 95 to 92.

Some of the most actively traded stocks were Philippine Long Distance Telephone Co., down 0.63 percent at P2,850; BDO Unibank, Inc., down 0.65 percent at P91.20; Ayala Corp., unchanged at P640; and SM Investments Corp., down 0.38 percent at P791.

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