Libya tensions drag Philippine share prices

The surging oil prices, political tensions in Libya, and a weak finish on Wall Street dragged the Philippine share prices for the fifth consecutive day on Thursday. "External developments are causing share prices to continue to fall. These made investors maintain a cautious stance," analyst Martin Santos of First Metro Securities Brokerage Corp. said. The Philippine Stock Exchange index lost 26.20 points or 0.7 percent to close at 3,730.84, according to the PSE's online market information as of 12:10 p.m. Santos said value turnover was "low" at P2.968 billion, with more than 7.235 billion shares changed hands. There were 99 decliners, 40 advancers, and 28 unchanged issues during Thursday's trading session. Santos said there are "no near-term catalysts" in the domestic front. "Investors are not aggressive like last month," he added. In New York Wednesday, stocks dropped after violence in Libya sent oil prices to two-year highs. The Dow Jones Industrial Average shed 107.01 points to 12,105.78. The broader S&P 500 dropped 8.04 points to 1,307.40. The Nasdaq Composite fell 33.43 points to 2,722.99. Libya is the world's 15 largest exporter of crude. Analysts worry that the revolution in Libya could threaten the country's oil production and spread to other countries in the region. — JE, GMA News