Philippines share prices closed 0.6 percent lower on Tuesday as investors took to the sidelines ahead of the release of economic growth data for the three months to June, dealers said. The composite index shed 15.53 points to 2,637.65. The all-share index fell 12.51 points to 1,635.03. Sixty-eight issues declined, 36 advanced and 36 were unchanged.
Turnover reached 1.4 billion pesos (31.3 million dollars). The peso traded at an average of 45.895 to the dollar in the morning. "Coming from a long weekend, this consolidation mode is widely expected, and we may stay in this range for the rest of the week," Gomer Tan of Regina Capital told Dow Jones Newswires. Tan also predicted a trading band of between 2,600 and 2,700 points.
"The bearish trend will most likely remain for the near term, until investors see clear signals of an easing of the financial and housing problems in the US," said PCCI Securities Brokers. It also likewise estimated the support level at 2,600 points. The government is set to release the economic growth figure for the April-June quarter on Thursday, the same day that the central bank's monetary board will meet to discuss key interest rates.
Manila Water rose 4.4 percent to 17.75 pesos while Metropolitan Bank fell 2.7 percent to 36.50 pesos. Ayala Corp slid 2.5 percent to 287.50. San Miguel A and B both fell 1.1 percent to 45 and 45.50 pesos, respectively.
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