Philippine shares outlook - Lower on lack of fresh leads |
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Tue, 17 Jul 2007 01:33
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MANILA (Thomson Financial) - Philippine stocks are expected to open lower Tuesday, amid a lack of strong new leads, with Wall Street finishing mixed overnight and with players taking a breather ahead of a slew of upcoming public offerings this month.GMA Network Inc's offer of 91.35 million common shares and 822.12 million Philippine Depositary Receipts, priced at 8.50 pesos a share, begins today, with listing set for July 30.Philippine National Bank is also planning a follow-on offer of 160.8 million shares, while property developer Vista Land & Lifescapes Inc is to hold a secondary offer of more than 3.1 billion shares at 6.85 pesos apiece.On Monday, Philippine shares tumbled on profit-taking, with the main index losing 32.76 points or 0.86 percent to close at 3,753.26.'The market will most likely trek lower due to the lack of fresh positive leads. Most of the big cap blue chips and second line issues remain overbought,' broker AB Capital Securities said in a market note.(1 usd = 45.55 pesos)rocel.felix@thomson.comrf/mb-rf/mbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Philippine shares end lower on profit-taking after key index hits new high 