Friday, June 08, 2007
Shares fall slightly as recovery in PLDT trims losses (6:30 p.m.)
MANILA -- Philippine shares fell slightly Friday as gains in the Philippine Long Distance Telephone Co. (PLDT) trimmed the market's weakness.
The 30-company Philippine Stock Exchange Index fell 2.1 points, or 0.06 percent, to 3,526.73. The index has dropped 2.66 percent since hitting Monday's record high close of 3,622.94.
"We'll probably continue to see a volatile market next week, but the fact that it has managed to rebound from today's technical bottom suggests there is strong demand which will allow the market to build a base above 3,500," said DA Market Securities President Nestor Aguila.
PLDT climbed 1.6 percent to P2,600 on bargain-hunting.
Property developer Megaworld Corp. slid 3.8 percent at P3.85. Jollibee Foods Corp. was off 3.6 percent at P53.
Advancers led decliners 57 to 56, and 55 stocks were unchanged.
Philippine markets will be closed Monday for a public holiday.
The peso fell to a three-week low against the greenback as banks stocked up on dollars for the long weekend. The dollar ended at P46.57, up from P46.01 on Thursday. (AP)
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