Philippines share prices closed 3.1 percent lower on Wednesday, tracking falls on Wall Street amid new fears of a deepening global economic downturn, dealers said. The composite index dropped 57.81 points to close at 1,840.12, its seventh-straight day of losses and its lowest since November 24, when it ended at 1,799.22.
The all-shares index fell 2.3 percent, or 24.59 points, to 1,203.14. There were 425 million shares traded worth 1.3 billion pesos (27.5 million dollars). Decliners led losers 70 to 18, while 32 closed unchanged.
Manila Water Co Inc, the Philippines' largest water utility by sales, was the most actively traded issue falling 3.1 percent to 9.40 pesos, extending losses after the industry regulator dismissed its petition to hike tariffs. Philippine Long Distance Telephone Co was down 3.3 percent at 2,025 pesos, tracking the 6.2 percent fall of its American Depository Receipts Tuesday. Ayala Corp, the country's largest conglomerate by assets, fell 5 percent to 209 pesos.