Shares close 1.0 percent lower

ABS-CBN News

Posted at Jun 24 2008 01:57 PM | Updated as of Jun 24 2008 09:57 PM

Agence France-Presse


Share prices closed 1.0 percent lower Tuesday on continued domestic inflation fears, dealers said.

The composite index lost 24.51 points to 2,474.87, after trading between 2,473.07 and 2,505.27.

The all-shares index shed 13.85 points to 1,580.91.

Decliners swamped advancers 77 to 30, with 39 other issues ending unchanged.

Turnover fell to 1.735 billion pesos (38.8 million dollars) from 1.937 billion pesos on Monday.

The peso traded at 44.683 to the dollar in the morning.

Investors are waiting for the meeting this week of the US monetary authority, an analyst told Dow Jones Newswires.

The analyst said further declines are possible if the Fed indicates it is at the end of its easing cycle.

"There is a concern over what the Fed will say -- and if there will be a change in policy view it will be bad news for us," Jose Vistan of AB Capital said.

Philippine Long Distance Telephone fell 50 pesos to 2,375 while Metropolitan Bank lost two pesos to 33.

San Miguel shares dropped to 40.50 pesos with A shares losing 50 centavos and B shares giving up a peso.