Wednesday, April 13, 2005
RP shares end lower; Metropolitan Bank, BPI lead fall
MANILA -- The main Philippine stock index ended lower Wednesday, weighed down by losses in blue chips led by Metropolitan Bank and Bank of the Philippine Islands, traders said.
The 30-company Philippine Stock Exchange Index closed down 11.24 points, or 0.6 percent, at 1,916.58, after rising 1.6 percent Tuesday.
The commercial-industrial, all shares, banks and financial services, and property subindexes finished lower, while the oil, and mining subindicators ended higher.
The sell-off wasn't broad based as some stocks continued to draw bargain-hunters, traders said. Gainers led decliners 38 to 36, while 51 stocks were unchanged.
Major contributors to the index decline were Metropolitan Bank, down 3 percent at 32.50 pesos, and BPI, lower by 2 percent at P49.50, mainly on foreign selling.
Among the gainers was Uniwide Holdings, which closed up 27 percent at 0.26 peso on talk the warehouse club operator may have found a white knight that would help revive its ailing finances. The white knight is reportedly Pure Gold, a local warehouse club operator, traders said.
After posting gains earlier in the session, Philippine Long Distance Telephone Co. lost ground, finishing 0.4 percent lower at P1,395.
Other active stocks included Benpres, up 1.9 percent at P1.10, and SM Prime, lower by 1.3 percent at P7.60.
Investors were closely watching developments at Congress, which is debating long delayed amendments to the value added tax law, said DA Market Securities President Nestor Aguila.
The Senate late Tuesday approved some contentious amendments to legislation that could pave the way for the passage of key fiscal reforms as early as this week.(AP) |
