Wednesday, November 15, 2006
Shares fall 0.4% for 3rd day as investors lock in gains (2:00 p.m.)
MANILA -- Philippine shares slid for a third day Wednesday after recent gains.
The benchmark 30-company Philippine Stock Exchange Index dropped 10.30 points, or 0.4 percent, at 2,791.49, adding to Tuesday's 0.7 percent loss.
"The market broke below the 2,800 support, so expect the market to continue heading lower during the next session," said BPI Securities Assistant Vice President Spencer Yap.
He added, however, that the Philippines' economic, fiscal and corporate outlooks remained positive, supported by the World Bank's announcement Tuesday it has raised growth forecasts for this year and next.
Philippine Long Distance Telephone Co. was the most active, down 1.8 percent at 2,405 pesos after the 1.9 percent drop in the company's American depository receipts overnight.
Rival Globe Telecom shed 3.9 percent at 1,240 pesos.
The market was neutral to the arrest of former senator and army colonel Gregorio "Gringo" Honasan on coup charges early Wednesday, as political concerns have been taking a back seat with investors preferring to focus on economic prospects, traders said. (AP) |
