Philippine shrs dip in early trade on Wall St fall; caution before Arroyo speech |
|
|
|
Published
:
Mon, 23 Jul 2007 03:53
|
MANILA (Thomson Financial) - Philippine shares retreated in early trade Monday , tracking Wall Street's slump last Friday on the back of some poor corporate results.At 10:28 am, the composite index was down 21.83 points or 0.6 percent at 3,716.45.The broader all-share index lost 11.53 points or 0.5 percent at 2,410.39.Many investors also decided to remain on the sidelines while they await President Gloria Arroyo's annual address to Congress later today. News reports say she is expected to outline the government's economic strategy for the next three years, measures to fight terrorism, and new policy directions to spur faster growth.The speech will come after the financial markets here have closed.'The market is generally bullish, as everything on the economic front seems to be within expectations but investors are reluctant to take fresh positions until they hear what President Arroyo will say,' said Chase Yap, vice president of online broker 2TradeAsia.Decliners were led by market leader Philippine Long Distance Telephone Co which fell 15.00 pesos or 0.6 percent to 2,675.00. SM Investments Corp, the holding company of business tycoon Henry Sy, dropped 10.00 pesos or 2.2 percent to 435.00, while its unit, mall operator SM Prime Holdings Inc, shed 0.25 pesos or 1.9 percent at 13.00 pesos.(1 us dollar = 45.03 pesos)rocel.felix@thomson.comrf-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.
|
|
|
|
Print this Story
Philippine Energy Secretary Lotilla resigns 