PHL share prices close lower amid Greek debt and US economic woes

Philippine share prices retreated again on Thursday, erasing gains it posted in the previous session as global mood turned sour on Greek debt and US economy woes. The 30-company Philippine Stock Exchange index slipped 28.30 points or 0.67 percent to 4,173.08 while the all shares inched down 0.37 points to 0.01 percent to 2,97.98. Losers narrowly beat gainers, 60 to 65, while 46 stocks closed unchanged. Four of the six sectoral indices closed in the red, with Services declining 2.35 percent. Volume traded reached 2.02 billion valued at about P5.17 billion. "The possible delay in the formulation of the second Greece rescue package continues to weigh in on sentiments. US markets have erased Tuesday's gains...," said trader Justino Calaycay Jr. of Accord Capital Equities in a market note. Besides the uncertainty over the Greek debt problem, US data showed the world’s largest economy may be facing a weak growth. Overnight, both the Dow Jones and Nasdaq lost over one percent each. Asian bourses also fell, with South Korea, Taiwan, and Australia leading the decline with nearly two percent losses each. In the local bourse, three of the most active stocks moved sideways. Aboitiz Equity Ventures, the holding firm of the Aboitiz family and the session's top-traded, was flat at P40. DMCI Holdings Inc., the holding firm of the Consunji family, was unmoved at P40.15. Aboitiz Power Corp. rose P0.10 or 0.34 percent to P29.85. Telecommunications giant Philippine Long Distance Telephone Co. dropped P88 or 3.75 percent to P2,260. Lepanto Consolidated Mining Co. was unchanged at P0.90.-- CMA/OMG, GMA News