Wednesday, October 17, 2007
Shares retreat 1.5% on losses in U.S., rising oil prices (5:30 p.m.)
MANILA-- Shares retreated for the second straight day Wednesday, dragged down by losses on Wall Street and record high oil prices.
The 30-company Philippine Stock Exchange Index dropped 55.18 points, or 1.5 percent, P3,760.04, after losing 1.2 percent Tuesday.
DA Market Securities President Nestor Aguila said investors shifted focus from pricey blue chips to mining and lower-tiered issues. Among them, iRemit Incorporated, which debuted Wednesday, surged 17 percent to P5.50.
Top traded mining company Geograce Resources Philippines Incorporated soared 3.7 percent at P2.80.
Manila Electric Company dropped 4.1 percent at P82.50, and Metropolitan Bank and Trust Company lost 3.7 percent at P64.50.
Ayala Land Incorporated declined 2.9 percent to P16.75.
Losers outnumbered gainers 90 to 29, while 53 stocks were unchanged. (AP)
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