Philippines share prices closed 1.3 percent lower on Thursday as investors recoiled from high oil prices and the prospect of high inflation dampening economic activity and profits, analysts told AFP. The composite index lost 34.39 points to the day's low of 2,544.89. The all-shares index gave up 19.46 points to 1,619.62.
Ninety-two stocks retreated, 16 advanced and 47 ended unchanged. Turnover rose to 3.35 billion pesos (million dollars) compared to 2.79 billion pesos on Wednesday. Philippine Long Distance Telephone fell 15 pesos to 2,320 while Ayala Corp dropped 7.50 pesos to 282.50. San Miguel shares were down to 40 pesos with A shares giving up 50 centavos and B shares a peso off from the previous day's close.