Philippines share prices closed 2.77 percent lower on Monday, hurt by weak US sentiment and investors cashing in ahead of the part of the lunar calendar that the Chinese consider unlucky, dealers said. The composite index lost 78.83 points to 2,771.18, its lowest level in three weeks, while the all shares index gave up 43 points or 2.38 percent to 1,763.98.
Turnover reached 3.94 billion shares worth 2.80 billion pesos (58.05 million dollars) with 114 issues down, 16 up and 24 unchanged. The peso traded at 48.252 to the dollar in the morning. "US consumer confidence was weak, and while Japan's economy improved there was still a negative spin to it," Jose Vistan of AB Capital Securities told Dow Jones Newswires.
He expects further consolidation with the start on August 20 of the so-called Chinese "ghost" month that is usually a slow period for Philippine equities. Philex Mining fell 2.44 percent to 10 pesos while Manila Electric dropped 3.59 percent to 215 pesos. Property developer Megaworld slipped 7.25 percent to 1.28 pesos.
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