Friday, January 13, 2006
Shares decline .5% on political concerns (2:00 p.m.)
MANILA -- Philippine shares declined Friday as investors opted to wait for fresh political developments ahead of the ruling party's weekend caucus to discuss constitutional changes.
The benchmark 30-company Philippine Stock Exchange Index declined 10.38 points, or 0.5 percent, at 2,148.27, after rising 0.4 percent Thursday.
The ruling Lakas political party is scheduled to hold a crucial caucus Saturday to discuss a proposed shift to parliamentary government that may effect President Gloria Macapagal Arroyo's term.
"The market is generally optimistic, although I think some people are a little bit concerned on the political situation," said Fitzgerald Aclan, research head of Wealth Securities in Manila.
Analysts said risks to the positive outlook on the Philippines include a repeat of the political turmoil in the third quarter of last year amid opposition charges that Arroyo rigged the 2004 election.
Among actively traded stocks, Philippine Long Distance Telephone Co. closed unchanged at P1,845.
SM Investments also ended unchanged at P240, as did Ayala Land at P10.50.(AP)
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