Philippine shares lower in early trade ahead of Federal Reserve meeting |
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Mon, 10 Dec 2007 03:05
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MANILA (Thomson Financial) - Philippine shares were lower in early trade Monday as investors grabbed profits following the market's seven-day advance and ahead of tomorrow's meeting of the Federal Reserve.At 9.55 am (0155 GMT), the 30-company composite index was down 12.37 points or 0.3 at 3,733.02.The broader all-share index dipped 2.97 points or 0.1 percent to 2,270.66Investors shied away from blue chips but nibbled on select second-line stocks such asPhilippine National Bank (PNB) and PAL Holdings Inc after the Supreme Court stopped thegovernment from seizing some assets of tycoon Lucio Tan, including shares in Allied Banking Corp and Fortune Tobacco Corp.On Friday, the high court declared 'null and void and of no legal effect' the sequestration order issued by the Presidential Commission on Good Government (PCGG) against Tan's shares in Allied Bank, Fortune Tobacco, Foremost Farms and Shareholdings Inc.It upheld the 2006 decision of the anti-graft court Sandiganbayan against PCGG, a government arm tasked with recovering the alleged ill-gotten wealth of the late Philippine dictator Ferdinand Marcos and his cronies.Tan, one of the richest men in the Philippines, also owns flag carrier Philippine Airlines, which is 84.7 percent owned by publicly-listed PAL Holdings, and unlisted Asia Brewery.He also controls PNB, the country's fifth-largest bank by assets, which he wants to merge with the smaller Allied Bank.enrico.delacruz@thomson.comed/msCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Philippine shares weaker early amid cautious trade ahead of Fed decision 