Wall Street fall, NBN mess drag RP stocks 1.6%

MANILA, Philippines- Philippine share prices fell sharply on Monday as players went on a buying spree inspired by concerns over the United States economy and the political uncertainty in the domestic front, analysts said.
The 30-company Philippine Stock Exchange index dropped 50 points or 1.58 percent to 3,079.99 while the all-share index slipped 24.91 points or some 1.30 percent to 1,896.25.
Losers trounced gainer 67 to 29 while 42 stocks were flat. Volume traded reached 788.8 million valued at P2.59 billion.
Emmanuel Soller, EquitiWorld Securities stockbroker, said the Dow Jones' huge losses last Friday plus the political tension on demands by various sector for President Gloria Macapagal-Arroyo to resign pulled down the market.
"The Dow Jones and Asian markets were down and also with out political situation, it will probably test the 2,950 level," he said.
Wall Street lost 315.79, or 2.51 percent over the weekend on renewed concerns over a weakening US economy.
Soller added that if for the rest of the week, no other major political development will take place the bourse will continue its consolidation with a downward bias.
Telecommunications giant Philippine Long Distance Telephone Co. slid P100 or 3.45 percent to P2,800.Conglomerate Ayala Corp. declined P10 or 2.30 percent to P425.
Developer Ayala Land Inc. jumped P0.25 or 2.13 percent to P12.
Bank of the Philippine Islands, an Ayala Corp. unit, skidded P0.50 or 0.90 percent to P55.
Philex Mining Corp., the country's largest miner, rose P0.10 or 1.08 percent to P9.30.

source: Cheryl Arcibal,
GMANews.TV