Friday, January 05, 2007
Philippine shares slip on losses in PLDT (2:45 p.m.)
MANILA -- Philippine shares declined for the second straight session Friday, dragged down by profit-taking in Philippine Long Distance Telephone Co.
The benchmark Philippine Stock Exchange Index shed 16.35 points, or 0.5 percent, at 2,996.39, adding to Thursday's 0.3 percent loss.
PLDT led the decline, off 1.6 percent at P2,505, following the 1.4 percent drop in the company's American depository receipts in New York overnight.
Favorable December inflation data released before trading opened helped boost construction-related stocks such as Seacem, up five percent at P1.26, on expectation that low inflation will lead to lower interest rates, which will aid the construction activity.
"If you notice the market breadth was positive, with 62 gainers against 48 decliners. That shows the broader market is still confident," said PCCI Securities President Francisco Liboro. (AP) |
