Philippines share prices closed 0.9 percent down to a fresh 22-month low on Wednesday as high oil prices fuelled more fears of a surge in domestic inflation, dealers said. The composite index lost 21.35 points to 2,393.90, the day's low. The all share index dropped 13.76 points to 1,531.28. Seventy-two issues declined, 25 advanced, and 46 were unchanged.
Turnover fell to 2.4 billion pesos (53.2 million dollars) compared to 3.674 billion pesos on Tuesday. The peso traded at 45.132 to the dollar in the morning. "It's the same old story. Oil prices remain the market's main concern," Ron Rodrigo of DBP-Daiwa Securities told Dow Jones Newswires. He said the market could fall some more should crude oil prices extend their rise, and put the support level at 2,350 points.
Property and bank scrips led the fall ahead of the release on Friday of June inflation data, which economists say should hit double-digits for first time in almost 10 years after rising to 9.6 percent in the previous month. Ayala Land fell 6.5 percent to 8.70 pesos while Megaworld was off 1.7 percent to 1.18 pesos.
Bank of the Philippine Islands dropped to 43 pesos while Philippine Long Distance Telephone rose 0.2 percent to 2,355 on a technical recovery. San Miguel A and B shares both ended unchanged at 40 pesos.
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