RP shares end week on a low

ABS-CBN News

Posted at Feb 27 2009 01:47 PM | Updated as of Feb 27 2009 09:56 PM

Philippine shares ended the week in the red as investors continued to shy away from the market on lack of fresh domestic leads and uncertainties over the US economy.

The 30-company index fell 8.16 points or 0.4 percent to 1,872.22.

The broader all-share index closed down 5.58 points or 0.5 percent at 1,211.02.

Gainers narrowly beat losers, 38 to 37, while 42 issues were unchanged.

A total of 1.46 billion shares worth P1.5 billion were traded.

"The market remains in consolidation mode. There are no real incentives that can entice investors to enter the market. Investors are still wary over what's happening in the US and the state of the world economy," said Astro del Castillo, First Grade Holdings managing director.

Ayala Corp., the country's oldest conglomerate, dropped P5 or 2.5 percent to P192.

Metropolitan Bank and Trust Co. edged down P0.25 or 1.2 percent to P20.75.

San Miguel A shares closed flat at P47 while the B shares fell P0.50 or 1.1 percent to P47.

Manila Electric Co. continued its winning streak, ending up P3.50 or 4 percent at P90.