Wednesday, December 12, 2007
Stock index plunges 1.8 percent, tracking Wall Street decline (3 p.m.)
MANILA -- Philippine shares plunged Wednesday, tracking Wall Street's decline after the US Federal Reserve cut its key interest rate less than some investors had hoped.
The Philippine Stock Exchange Index fell 66.79 points, or 1.8 percent, to 3,605.59. It has lost 3.7 percent since Friday's close.
Top-traded Philippine Long Distance Telephone Co. slid 0.3 percent to 3,040 pesos. Property developer Megaworld Corp. lost 4.8 percent to close at 3.95 pesos. Conglomerate Ayala Corp. tumbled 3.4 percent to 565 pesos.
San Miguel Corp. A shares advanced 8.9 percent to 55 pesos, and B shares gained 7.8 percent to 55.50 pesos, after the beverage company's energy unit emerged as one of two bidders for a 25-year contract to operate the Philippine power transmission network.
Decliners outnumbered gainers 95 to 22, while 39 stocks were unchanged.
On Tuesday, the US Fed cut its key interest rate by a quarter point to 4.25 percent. Some investors had hoped for a half-point cut. The Dow Jones industrial average dropped more than 290 points overnight after the decision. (AP) |
