Stock mart extends losses
Tuesday, 09 13, 2005
Share prices closed 0.84 percent lower yesterday, extending losses on continued political concerns over street protests against President Arroyo and a possible tightening of monetary policy, dealers said.
Militant groups are vowing more protests despite the quashing of an impeachment complaint against Mrs. Arroyo in Congress earlier this month. The opposition accuses Arroyo of cheating to win the May 2004 elections.
The Philippine Stock Exchange composite index fell 15.86 points to 1,866.91 after trading between 1,866.08 and 1,892.23. Volume was 493.43 mln shares worth P766.8 million. The all-shares index fell 8.13 points to 1,144.11. Losers led gainers 49 to 20, with 48 stocks unchanged.
The Philippine peso was at P55.996 to the dollar.
“We were really expecting the market to trade downward further. Politics remains a major factor,” Nina Tinio of Unicapital Securities Inc. said.
“It is a sign of investors' dwindling confidence on the Philippines,” Jose Vistan of AB Capital Securities said, citing signs that foreign investors had been selling out of the Philippine market in recent sessions.