Philippines share prices closed 0.3 percent lower on Tuesday as many investors stayed on the sidelines, waiting for positive developments, dealers said. The composite index fell 7.01 points to 2,721.52. The all-share index fell 3.98 points to 1,675.47 points.
There wre only 26 gainers versus 72 losers and 48 unchanged stocks. Volume was at 807.25 million shares worth 2.162 billion pesos (46.2 million dollars). The local currency traded at 46.791 to the US dollar. "Most of the investors are waiting for more developments. We are consolidating," said Lawrence de Leon of Accord Capital Equities.
"People are staying on the sidelines," he said. Among the reasons for investors to stay away from stocks are hints that the monetary authorities might raise interest rates even further to further curb inflation, said de Leon.
Philippine Long Distance Telephone Co bucked the trend to rise by 1.27 percent to 2,790 pesos. Philex Mining Corp fell 1.33 percent to 7.40 pesos. Megaworld Corp fell 2.56 percent to 1.52 pesos. San Miguel Corp saw its A shares rise 3.22 percent to 48 pesos while its B shares rose 3.16 percent to 49 pesos.