RP shares close 0.27% lower
Agence France-Presse | 07/03/2009 12:44 PM
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MANILA - Philippine share prices closed 0.27 percent lower on Friday, pulled down by a slump in overseas markets as foreign investors stayed on the sidelines, dealers said.
The composite index fell 6.70 points to 2,431.34 while the all-shares index shed 0.16 percent to 1,559.95.
There were only 28 gainers versus 54 losers and 59 that were unchanged.
A total of 962 million shares worth P1.534 billion ($31.98 million) changed hands.
The local currency traded at 48.237 to the dollar on Friday morning.
"The (fall in the) US market had some effect and all foreign markets are down," remarked Lisa Gan of Solar Securities Inc.
"There is little movement in the market," she told AFP. "There are no foreign players, just local ones. The foreign investors are just observing things on the sidelines," Gan added.
Philippine Long Distance Telephone Co. fell 0.82 percent to P2,390 while Globe Telecom dropped 0.51 percent to P965.
Manila Electric Co. or Meralco gained 1.40 percent to P145 while Ayala Land was unchanged at P8.20.
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