RP shares end lower on Wall St plunge

AFP

Posted at Feb 11 2009 12:37 PM | Updated as of Feb 11 2009 09:37 PM

Philippine share prices closed 1.0 percent lower Wednesday due to a dismal export picture and a fresh plunge on Wall Street overnight, dealers said.

The composite index lost 19.82 points to 1,897.75.

The all shares index gave up 0.7 percent to end at 1,226.95 points with 48 issues down, 25 up and 59 unchanged.

Turnover reached 1.3 billion shares worth P2.1 billion ($44.8 million).

The peso traded at an average of 47.032 to the greenback early on.

Local share prices were reacting to "the export figures and what happened to the US market," Rey Gregorio of Pan Asia Securities Corp. told AFP.

The government announced on Tuesday that Philippine exports plunged 40.4 percent year on year to $2.7 billion in December on the back of the global economic slowdown.

Export receipts for the whole of 2008 were down 2.9 percent from a year earlier to $49.02 billion.

US stocks plunged 4.6 percent to a near three-month low on Tuesday as markets gave a thumbs-down to a plan unveiled by the US Treasury to stabilise the financial system.

"Our market will still be following the lead of the US market although there seems to be some tapering off of the selling," Gregorio said.

Philippine Long Distance Telephone fell 2.3 percent to P2,160 while Ayala Land was off 1.6 percent to P6.30.

Manila Electric Co. bucked the trend, adding 4.0 percent to P78.