Thursday, November 15, 2007
Stock index falls in line with Wall Street's retreat (3:33 p.m.)
MANILA -- Philippine stocks declined Thursday, giving back some of the previous session's gains, in line with an overnight retreat on Wall Street.
The Philippine Stock Exchange Index lost 9.40 points, or 0.3 percent, at 3,672.22, after jumping 2.3 percent Wednesday.
"Our stock market is moving in line with the tone of the global markets," said Summit Securities President Harry Liu, citing risks such as US subprime worries and higher oil prices.
Top-traded heavyweight Philippine Long Distance Telephone Co. limited the market's fall, rising 0.7 percent at 3,050 pesos, after the company's American depository receipts advanced in New York overnight.
Property developer Ayala Land Inc. plummeted 3 percent at P16. Bank of the Philippine Islands dropped 2.2 percent at P66.50 after rising Wednesday ahead of the central bank's meeting Thursday where a rate cut was widely expected.
Decliners outnumbered gainers 63 to 50, while 42 stocks were unchanged. (AP) |
