RP shares close down 1.0%


Posted at Feb 20 2009 12:53 PM | Updated as of Feb 20 2009 09:58 PM

Philippine share prices closed one percent lower Friday on continued uncertainty over the US economy, dealers said.

The composite index shed 18.36 points to 1,881.44 while the all-shares index lost 1.3 percent to 1,218.68.

Decliners led gainers 62 to 26 while 34 issues were unchanged.

Turnover totalled 918.3 million shares worth P1.82 billion ($38.72 million).

In morning trade the peso averaged 47.809 to the dollar.

"Investors are selling because of the fear of what will happen in the US," April Lee-Tan, research head at CitisecOnline.com, told Dow Jones Newswires.

Leading losers were major blue chips with Philippine Long Distance Telephone Co. leading the fall off 0.7 percent at P2,175.

Energy Development Corp. was down 0.8 percent at P2.40 and Banco de Oro was 3.5 percent lower at P20.50.

San Miguel A shares lost 2.35 percent to P41.50 and its B shares were off 1.16 percent at P42.50.