Philippine shares close easier after Arroyo speech fails to inspire |
|
|
Published
:
Tue, 24 Jul 2007 05:52
|
MANILA (Thomson Financial) - Philippine shares closed slightly lower Tuesday after President Gloria Arroyo's annual address to Congress Monday outlining her growth plan for the remainder of her term failed to inspire investors.The market also reacted negatively to Fitch Ratings' statement that the Philippine government is unlikely to keep its budget deficit for 2007 within the 63 billion-peso ceiling following its disappointing fiscal performance in the first six months.The spate of initial and secondary public offerings scheduled so close to one another also continued to sap liquidity in the market.The 29-company composite index ended down 31.55 points or 0.8 percent at 3,706.24, off its day high 3,741.80.The broader all-share index lost 12.81 points or 0.5 percent to 2,406.57.Out of 171 stocks traded, 61 declined, 40 advanced while 70 ended flat.A total of 4.8 billion shares worth 4.3 billion pesos were traded.(1 us dollar = 44.77 pesos)rocel.felix@thomson.comrf /zrrf/zrCOPYRIGHTCopyright 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 stocks close flat ahead of presidential address - UPDATE 