RP shares fall, investors cautious

Agence France-Presse

Posted at Feb 17 2009 12:58 PM | Updated as of Feb 18 2009 01:48 AM

Philippine share prices closed 0.8 percent lower Tuesday in light trade, with cautious investors staying away from the market, dealers said.

The composite index gave up 15.89 points to 1,899.90. The all-shares index fell 0.8 percent to 1,231.64.

A total of 932.7 million shares worth P1.2 billion ($25 million) changed hands.

Decliners led gainers 59 to 24, while 43 issues were unchanged.

The peso averaged 47.62 to the dollar in morning trade.

Accord Capital Equities analyst Lawrence de Leon said the decline may extend through Wednesday with support at 1,870 points.

"The prevailing mood in the market these days is one of apprehension, and that will likely persist for quite some time," de Leon told Dow Jones Newswires.

Top-traded Manila Electric Co. shed 1.2 percent at P81.50, while Ayala Corp. fell 4.4 percent to P198.

A shares of San Miguel Corp. fell 3.4 percent at P41.50 while B shares dropped 1.1 percent at P43.