Philippines share prices closed 0.38 percent lower on Wednesday as they tracked Wall Street's overnight weaker performance, dealers said. The composite index fell 11.94 points to 3,162.81 after moving between 3,153.73 and 3,176.87.
The broader all-share index shed 10.08 points to 2,023.32. Losers outnumbered gainers 68 to 30, while 64 stocks were unchanged. A total of 3.7 billion shares worth 3.3 billion pesos (68.46 million dollars) changed hands. "The market is very dependent right now on external developments because of the dearth of positive leads here," said.
Ron Rodrigo of Unicapital Securities. US shares slid overnight after a big drop in consumer confidence and plunging prices of homes raised concerns about the broader American economy, dealers said. Lawrence de Leon of Accord Capital Equities said most investors stayed on the sidelines, only picking up select blue chips and smaller capitalised issues.
"Investors are not keen on taking long-term positions, they are opting for quick gains when there is an opportunity to unload," said de Leon. He said the market will likely continue consolidating ahead of the long Easter break next week. Financial markets will be shut on April 5 and 6 for the annual Easter break, as well as on April 9, a local public holiday.
Philippine Long Distance Telephone or PLDT shed 45 pesos to 2,500. Globe Telecom declined 35 pesos to 1,225. SM Investments lost 15 pesos to 350. Jollibee Foods retreated 1.50 pesos to 54.50 while Manila Water shed 20 centavos to 9.40.
Ayala Corp was among the few gainers, advancing five pesos to 545 while its property arm, Ayala Land, rose 50 centavos to 16.25 pesos. San Miguel A and B shares closed steady at 64 pesos and 72 pesos, respectively.