Philippines share prices lost 1.5 percent on Monday, hitting their lowest close in two months after nervous investors cut their positions following another steep fall on Wall Street, dealers said. However, the initial public offering of broadcaster GMA Network Inc helped provide some support as it generated strong interest, mainly from foreign investors.
The composite index fell 51.30 points at 3,467.46 after trading between 3,518.76 and 3,434.66 points. This was the weakest close since May 30, when it settled at 3,398.55.
The all-share index fell 31.18 points or 1.4 percent to 2,252.05. Declines led gains 101 to 25, with 44 stocks were unchanged. Volume was 4.4 billion shares worth 16.9 billion pesos (369.4 million dollars.) The peso was at 45.745 to the dollar.
"We are beginning to see the start of a technical rebound after two days of sell-offs in the US. We consider this two-day slump as a buying opportunity," said Jose Vistan of AB Capital Securities. "With the listing of GMA, which followed the resumption of trading in Vista Land last week, more liquidity has been freed up to help the market recover," remarked Lawrence de Leon of Accord Capital Equities. GMA's common shares, the most actively traded stock, ended at 10.50 pesos.