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Thursday, April 9, 2020
Home Business Shares close 0.25 percent lower

Shares close 0.25 percent lower


SHARE prices closed 0.25 percent lower Friday in thin trade after technical problems shut down trading for about an hour, dealers said.

Concerns that higher crude oil costs will hit consumer spending and curb corporate profits and economic growth continued to weigh on sentiment.

The Philippine Stock Exchange composite index fell 4.46 points to 1,762.14 after trading between 1,760.37 and 1,770.17.

Volume was 844.9 million shares worth P505.7 million ($8.9 million) after 697.09 million shares worth P724.79 million on Thursday.

The broader all-shares index fell 5.08 points to 1,105.63.

Losers led gainers, 46 to 18, with 43 stocks unchanged.

“We were receiving a lot of orders before the market’s opening but the computer glitch [at the exchange] was a major turnoff, causing them to cancel their orders,” a dealer from a local brokerage firm said.

Ron Rodrigo of Accord Capital said the absence of fresh positive news kept most investors on the sidelines, awaiting the release of third-quarter results for their next lead.

“Technically, the market has reached oversold levels and bargain-hunting will likely begin on Monday,” Rodrigo said.

Top-traded Philippine Long Distance Telephone was up P10 at P1,385.

Ayala Land fell 10 centavos to P6.90 while SM Prime Holdings slipped 10 centavos to P7.20.

Metro Pacific Corp. was down two centavos at 40 centavos; Digital Telecommunications Philippines Inc. lost eight centavos to P1.24.

San Miguel Corp. B shares, which are available to foreign investors, were unchanged at P71.50 while its A shares fell 50 centavos to P56.50.

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