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Thursday, February 09, 2006
Share prices fall; glitch hits market
MANILA - Shares prices closed 1.74 percent lower Wednesday as continued heavy selling in Philippine Long Distance Telephone Co. (PLDT) sparked profit-taking elsewhere, dealers said.
They said a 15-minute trading suspension due to a technical glitch also dampened investor sentiment, while falls elsewhere in the region had added to the negative tone.
The composite index fell 36.46 points to 2,060.92 after trading between 2,044.58 and 2,097.38. Volume reached 1.01 billion shares worth P1.7 billion ($33.18 million).
Unchanged
Losers led gainers 52 to 22, and 43 stocks were unchanged.
It was the weakest finish in more than three months.
The all-shares index plunged 42.46 points to 951.21, with all sub-indices ending lower.
The peso was trading at 51.745 to the dollar as of mid-day.
Top-traded PLDT fell P110 to 1,680 with the stock still hurting from Morgan Stanley’s rating downgrade last Tuesday, which triggered a sharp decline in its US shares overnight.
Morgan Stanley said it downgraded its rating for PLDT to “equal weight” because it expects limited positive surprises from the company, given slowing growth in the cellular phones.
”The downgrade on PLDT pulled down other stocks as well,” said Law-rence de Leon of Accord Capital Equities Inc.
Dealers said the market had been due for a correction after strong gains in January. (AFP)
For Bisaya stories from Cebu. Click here. (February 9, 2006 issue)
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