Philippines share prices closed 1.1 percent lower on Friday amid continued concern over the global financial crisis, dealers said. The composite index fell 24.11 points to 2,098.26, while the all-shares index fell 1.5 percent to 1,343.67 points. There were 24 gainers versus 83 losers and 32 unchanged. Volume amounted to 1.294 billion shares worth 2.523 billion pesos (52.6 million dollars).
The local currency traded at 47.972 the dollar. The market went up shortly after opening but fell into the negative near the close as many investors cashed out. "I don't think it's realistic to expect the Philippines to de-couple from what is happening overseas. The world has become flatter than ever," said Ed Bancod of ATR-Kim Eng Securities.
Philippine Long Distance Telephone Co rose 0.6 percent to 2,290 pesos. Bank of the Philippine Islands rose 2.5 percent to 41.50 pesos but its mother company, Ayala Corp fell 1.2 percent to 242 pesos. San Miguel Corp saw its A shares fell 4.4 percent to 43 pesos while its B shares slipped 2.24 percent to 43.50 pesos.
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