PH shares fall on oil fears

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Philippine share prices declined anew on Friday with the composite index falling back below the 6,800-mark.

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At the Philippine Stock Exchange, the benchmark index lost 24.23 points, or 0.36 percent, to close at 6,784.95. The broader all shares index also edged down 11.82 points, or 0.29 percent, to close at 4,064.19.

“Down expectation of monetary board and the crisis in Iraq triggered profit-taking in the local equities market,” Astro del Castillo, managing director of First Grade Finance Inc. told The Manila Times in a phone interview.

All business sectors in the index ended in red, with mining and oil declining by 181.58 points or 1.17 percent to 15,265.66, followed by property, which went down by 24.57 points, or 0.93 percent to 2,631.29. Holding firms decreased by 20.07 points, or 0.32 percent to 6,195.83, while industrials lost 15.83 points or 0.15 percent to close at 10,376.09.

The services sector ended down by 0.07 percent, losing 1.48 points to close at 2,016.41, while financials shed 1.10 points or 0.07 percent to finish the week at 1,599.77.

“[The] Philippine stock market was down 24 points due to selling pressure caused by similar pullbacks made by US and some Asian markets. Worries about conflict in Iraq and the surge in oil prices put traders on the defensive,” said Juanis Barredo, COL Financial Group Inc. chief technical analyst.

Market breadth was negative as decliners beat advancers, 121 to 57, while 41 issues were unchanged. Value turnover slightly up P7.763 billion from last Wednesday’s P7.6 billion in trades, as P1.840 billion shares changed hand.

Actively traded shares were BDO Unibank Inc., down 0.92 percent to P91.80; Ayala Corp., up 0.39 percent to P640.00; and SM Investments Corporation up 1.53 percent to P794.00. Universal Robina Corp. was unchanged at P155, while Alliance Global Group closed down 0.40 percent to P29.05.

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