RP stocks at 3-year low

Written by Writer on Saturday, October 25th, 2008

RP stocks at 3-year low

LOCAL share prices took another beating, ending the week 2.1 percent down to a three-year low Friday on lingering fears of a global recession, dealers said.

The composite index gave up 42.43 points to 1,953.49, its lowest level since closing at 1,941.46 on October 27, 2005.

The all shares index dropped 1.8 percent to 1,260.86 points with 92 issues retreating, 23 advancing and 24 unchanged.

Turnover was thin at 847.4 million shares worth P1.95 billion.

At the Philippine Dealing System, the peso closed a centavo shy of the 49-to-a-dollar level, ending the week at 48.991 to the greenback, down from Thursday’s 48.79 finish. Trading volume however slipped to $758 million from the previous day’s $1.2 billion.

Shares opened higher on Wall Street’s rebound, but quickly headed south as other regional bourses plunged.

“Confidence is not really there because of the gloomy outlook. Investors are worried about the prospects of a prolonged economic slowdown,” Ron Rodrigo of DBP-Daiwa Securities told Dow Jones Newswires.

Traders said that the market was also ignoring the good corporate results that have so far trickled in.

Philippine Long Distance Telephone Co. fell 1.4 percent to P2,155, while Ayala Corp. lost 3.4 percent to P227.

San Miguel A dropped 1.1 percent to P43, while its B shares were unchanged at P44.–AFP

The Manila Times
Saturday, October 25, 2008