Philippines share prices closed 1.5 percent lower on Tuesday amid expectations the Central Bank would raise key interest rates later this week to head off soaring inflation, dealers said. The composite index lost 43.09 points to 2,782.80, while the all shares index gave up 20.91 points to 1,725.73.
There were 31 advancers, 56 losers and 60 were flat. Turnover fell to 1.97 billion pesos (45.12 million dollars) from 2.9 billion pesos on Monday. Ayala Corp fell 4.96 percent to 335 pesos while Ayala Land dropped 4.65 percent to 10.25 pesos on worries rising interest rates would hurt home sales.
Philippine Long Distance Telephone dipped 1.34 percent to 2,570 in line with the drop in its American Depository Receipts shares in the US market. San Miguel A and B shares ended unchanged at 41 and 42 pesos, respectively. The peso averaged 43.657 to the dollar in morning trade, according to the Philippine Dealing and Exchange Corp.
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