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Manila stocks back pedalled on Monday, dragged lower by further heavy falls in shares of power distributor Manila Electric Co (Meralco) and weak regional sentiment due to security fears.
Analysts said the market may get inspiration from corporate earnings of major blue chip firms this week, although any gains may be short-lived if the results fail to substantially beat market expectations.
The Philippine stock index slipped 1.28 percent or 20.23 points to end at 1,564.47 points.
"The terror alert has been raised abroad, and that is affecting regional markets. We were not spared," said Jose Vistan, analyst at AB Capital Securities Inc.
The United States raised the security alert level to high following information that the al Qaeda group was planning attacks on international financial institutions such as the New York Stock Exchange, World Bank, and Citigroup.
Most regional markets were pulled down by worries over the impact of the security threats on the global economy, as well as concerns over rising crude oil prices.
Vistan said there was technical selling after the main index failed to break the 1,600 level, compounding poor sentiment for Meralco after a local court last week voided the unbundling of its power rates which came with a rate increase starting in June last year.
Meralco B, open to all investors, fell 13.83 percent or 3.25 pesos, to 20.25 pesos. Its A shares open to only local players slid 9.38 percent or 1.5 pesos to 14.50 pesos. The shares had lost 16.07 percent and 9.86 percent respectively on Friday, a day after the ruling.
The court ordered government auditors to look into Meralco's books and for the energy regulatory body to hear opposition to the firm's unbundling, or itemisation, of power rates.
Market turnover narrowed to 712.15 million pesos ($12.7 million) from 894.71 million pesos on Friday. Losers outpaced gainers, 46 to 19, with 35 issues unchanged.
Dominant phone firm Philippine Long Distance Telephone Co (PLDT) lost 15 pesos or 1.2 percent to 1,235 pesos. Its rival Globe Telecom added 5 pesos or 0.58 percent to 860 as players repositioned ahead of the release of its second-quarter earnings data on Wednesday. PLDT is set to release its earnings on Tuesday.
"We think the expected favourable earnings reports for PLDT and Globe would be exceptions rather than rule. After PLDT and Globe, interest in the market may dry up again," Vistan said. "Earnings have to exceed expectations for the market to be positive," he said.

Copyright Reuters, 2004

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