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PHL share prices drop for 3rd straight day, buck positive mood in Asia


Philippine share prices fell for the third straight session on Tuesday, bucking the positive mood in Asia. The benchmark 30-company Philippine Stock Exchange index slipped 31.27 points or 0.75 percent to 4,140.27 while the all shares dipped 20.61 points or 0.70 percent to 2,926.01. Market breadth was negative with 101 losers against 32 gainers and 41 stocks that closed unchanged. Save for Services, which inched up 0.20 percent, the five other sectoral indices closed in the red, with Mining & Oil, Property, Financials and Holding Firms, retreating by over one percent each. Volume traded reached 2.17 billion shares valued at P4.71 billion. Adding to investors' anxiety over the weakness of the US economy, is the expected new round of monetary tightening from the Bangko Sentral ng Pilipinas within the week to curb rising consumer prices. "Catalysts are not exciting enough- the local view on the economy is that another tightening could be expected in the BSP meeting this week. The government also announced that it might revise full year inflation and growth targets to account for the latest data that came out. For now, all eyes are still on developments abroad," said Maria Arlysa Narciso of AB Capital in a market note posted online. Narciso also noted the “alarming" trend that the PSEi was unable to hold on to its mid term support of 4,200. Overnight, Wall Street moved sideways. In Asia, meanwhile, stock markets were trading higher, led by gains in Seoul, Tokyo, Taipei, and Shanghai. In the local stock market, three of the five most active stocks for the day posted losses. San Miguel Corp., the day's top traded, slid P1.10 or 0.98 percent to P112. Holding firm Alliance Global Group Inc. shed P0.21 or 2.13 percent ay P9.65. Telecommunications giant Philippine Long Distance Telephone Co. jumped P6 or 0.26 percent to P2,304. Lepanto Consolidated Mining Co. rose P0.01 or 1.19 percent to P0.85. Metropolitan Bank & Trust Co., one of the country's largest lenders in terms of assets, dropped P0.55 or 0.80 percent to P67.95. -- CMA/OMG, GMA News

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