RP shares end lower

AFP

Posted at Feb 18 2009 02:08 PM | Updated as of Feb 18 2009 10:08 PM

Philippine share prices closed 0.4 percent lower on Wednesday as investors remained sceptical of the effect the US stimulus package will have on reviving the world economy, dealers said.

The composite index fell 7.67 points to 1,892.23 while the all-shares index dropped 0.2 percent to 1,228.66.

A total of 1.10 billion shares worth P1.17 billion ($24.9 million) changed hands. Decliners led gainers 49 to 32, while 32 issues were unchanged.

The peso averaged 47.34 to the dollar in morning trade.

"The drop shows investors remain skeptical of the effect of the US stimulus package," Banco De Oro market strategist Jonathan Ravelas told Dow Jones Newswires.

"Some people hunted for bargains in the mid-session on hopes of a technical rebound tomorrow," he added.

Dealers said property and bank stocks were down on concerns about home sales and loan demand.

Bank of the Philippine Islands was down 2.0 percent at P34.

Ayala Land was off 1.7 percent at P5.90.

Mall operator SM Prime shed 2.6 percent to P7.40.

Philippine Long Distance Telephone slipped 0.7 percent to P2,180.

San Miguel A shares were up 1.2 percent at P42 while its B shares were down 1.1 percent at P42.50.