PHL shares prices end lower amid global economy concerns

Niggling fears about the fragility of the global economy pulled Philippine shares lower on Friday. The 30-company Philippine Stock Exchange index dropped 27.36 points or 0.63 percent to 4,297.62 while the all shares shed 4.67 points or 0.15 percent at 3,020.59. Market breadth was negative with 72 losers against 57 gainers and 43 stocks which closed unchanged. Save for Financials, which inched up 0.60 percent, all other sectoral indices closed in the red. Mining & Oil suffered the worst with a 1.89-percent slip, followed by Holding Firms' 0.92-percent dip. Volume traded reached 3.01 billion shares valued at about P5.22 billion. In a market note posted at its website, AB Capital said "hard times for stocks" are expected in the coming weeks. "Weakness in the global economies and persistent worries of sovereign defaults will continue to put downward pressures on share prices," AB Capital said. Investors continued to worry as data show that the US recovery may be stalling, while Europe is deluged with debt fears. Asia was no bright spot either with Japan struggling after the triple threat of earthquake, tsunami and the nuclear crisis while China may be facing a cool down. In the local stock market, three of the five most active stocks retreated. Diversifying conglomerate San Miguel Corp., the day's top traded, climbed P2.60 or 2.27 percent to P116.90. Telecommunications giant Philippine Long Distance Telephone Co. slipped P18 or 0.76 percent to P2,358. Holding firm SM Investments Corp. was flat at P570. Lepanto Consolidated Mining Co. fell P0.04 or 4.21 percent to P0.91. Holding firm Alliance Global Group Inc. shed P0.28 or 2.70 percent at P10.10. -- CMA/OMG, GMA News