Thursday, December 14, 2006
Shares slip for 3rd session (4:10 p.m.)
MANILA -- Stocks declined Thursday for the third straight session ahead of a central bank rate-setting meeting.
The benchmark 30-company Philippine Stock Exchange Index slipped 2.59 points, or 0.1 percent, at 2,833.27, after dropping 0.2 percent Wednesday.
"Some stocks are a bit oversold," said PCCI Securities President Francisco Liboro, adding that the market remained "quite healthy."
Investors were awaiting the outcome of the Philippine Central Bank's rate-setting meeting later Thursday, Liboro said, noting expectations that the rates will remain unchanged.
Governor Amando Tetangco said Wednesday the decision of the Federal Reserve to leave key U.S. interest rates unchanged Tuesday should provide elbow room for the bank's decision. He did not elaborate.
Philippine geothermal power producer PNOC-Energy Development declined 8.8 percent at P4.15, after surging 42 percent during a debut Wednesday.
Philippine Long Distance Telephone Co. slid 0.6 percent at P2,415 after recent gains.
Decliners led gainers 49 to 48, with 69 issues unchanged. (AP) |
