(UPDATE) Shares close 0.4% lower
Agence France-Presse
First Posted 12:50:00 08/20/2008
MANILA, Philippines -- Shares closed 0.4 percent lower on Wednesday, weighed down by a rise in oil prices and the continued weakness of the US economy, dealers said.
The composite index fell 9.54 points to 2,681.66 points. The all-share index fell 0.2 percent to 1,666.03 points.
There were 37 gainers, 57 losers and 46 stocks were unchanged. Volume amounted to 1.792 billion shares worth P1.665 billion ($36.5 million). The local currency traded at P45.619 to the US dollar.
"We're just running in tandem with the other markets. The sentiment here is the same as with the others considering the uptick in oil prices and further disappointments in the economy of the United States," said Astro del Castillo of First Grade Holdings.
"The economy of the United States is still on the downside and that is affecting all the markets including ours," he said.
In addition, "August is usually a bear time, a consolidation time, so it's not really a surprise," he said.
Index heavyweight Philippine Long Distance Telephone Co. fell 0.9 percent to P2,690. Property giant Megaworld Corp. gained 1.44 percent to P1.40.
San Miguel Corp. saw its A-shares remain unchanged at P46 while its B-shares fell 1.07 percent to P46.
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