Philippines shares fall

Philippines share prices closed 0.23 percent lower on Wednesday due to falls on Wall Street and concerns over the cost of rebuilding after the massive flooding that hit Manila, dealers said. The composite index fell 6.50 points to 2,800.82 while the all-shares index slipped 0.07 percent to 1,787.09 points. There were 40 gainers against 62 losers and 50 that were unchanged.
Volume was 2.702 billion shares worth 3.069 billion pesos (64.68 million dollars). The local currency traded at 47.451 to the dollar. Philippine Long Distance Telephone Co dropped 0.2 percent to 2,410 pesos while Ayala Land Inc plunged 2.13 percent to 11.50 pesos. However food producer Universal Robina Corp bucked the trend to gain 2.32 percent to 11 pesos.