Philippines share prices closed 1.36 percent lower on Thursday amid renewed fears about the global economic slowdown, dealers said. The composite index fell 36.93 points to 2,672.56 points. The all-share index fell 1.04 percent to 1,656.50 points.
There were 25 gainers compared to 76 losers and 43 unchanged counters. Volume turnover amounted to 1.317 billion shares worth 4.92 billion pesos (104.5 million dollars). The local currency traded at 47.071 to the dollar. "In the absence of any significant local news, the concern right now is really on how the projected global slowdown will affect the Philippines' own growth in the next few months," said George Ching of Citseconline.
"The problem came from the subprime crisis in the US but it is beginning to become a drag for the global economy," Ching said. Philippine Long Distance Telephone Co (PLDT) fell 0.72 percent to 2,750 pesos. Philex Mining Corp fell 4.1 percent to seven pesos. San Miguel Corp saw its A shares fall 3.8 percent to 50 pesos while its B shares fell 4.7 percent to 50.50 pesos.
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