Philippines share prices closed 3.01 percent lower on Tuesday over the continued global financial turmoil, dealers said. The composite index fell 75.34 points to 2,424.19 points, while the all-shares index slipped 2.54 percent to 1,534.05 points. There were only 10 gainers versus 108 losers and 28 that were unchanged.
Turnover amounted to 1.386 billion shares worth 2.307 billion pesos (48.4 million dollars). The local currency traded at 47.676 to the US dollar. Not even the announcement that inflation had eased slightly to 11.9 percent in September from a 17-year-high of 12.5 percent in August, was enough to lift the market.
"The concern right now is not inflation anymore. It is more the worries over a deep recession in the US and how it will affect the rest of the world," said George Ching of Citiseconline. "The inflation announcement should have been good news but the concern right now is what is happening with financial markets globally. There is no country specific reason," said Ching.
Philippine Long Distance Telephone Co fell 2.24 percent to 2,610 pesos. Ayala Land Inc fell 6.8 percent to 8.20 pesos while its parent company, Ayala Corp dropped 4.62 percent to 257.50 pesos. San Miguel Corp saw it A shares fall 5.45 percent to 52 pesos while its B shares dropped 3.6 percent to 53 pesos.
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