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PHL shares prices drop despite bullish Wall Street and Asian markets


Philippine share prices declined on Tuesday as investors remained cautious owing to Greek debt concerns. The bellwether 30-company Philippine Stock Exchange index slipped 40.64 points or 0.95 percent to 4,249.35 while the all shares dropped 14.06 points or 0.47 percent to 2,969.08. Losers dominated gainers, 74 to 40, while 47 stocks closed unchanged. Save for Financials and Mining & Oil, the other four sectoral indices retreated, led by Services' 2.47-percent dip. Volume traded reached 1.74 billion shares valued at P5 billion. The overnight positive turnout of Wall Street did nothing to lift the local bourse. Even gains in Asia were ignored as local stocks bucked the largely bullish sentiments in the region. Main indices in Australia, South Korea, Japan and Taiwan were advancing by over one percent. Besides the PSEi, benchmark indices in New Zealand and Shanghai were also trading at a loss. "Investors are on the sidelines awaiting for more guidance on how the Greek debt crisis will turn out. They are also looking for stronger signals that the US economy is the road to recovery...We continue to advise clients to sell on strength, buy on weakness and do nothing of a directionless market," said AB Capital in a market note posted online. Greece lawmakers are set to decide whether to back or reject tougher austerity measures. Rejection of these measures could mean a credit freeze up in Europe. In the local stock market, three of the top traded issues ended in the red. Telecommunications giant Philippine Long Distance Telephone Co., the session's most active, lost P76 or 3.17 percent at P2,324. The Supreme Court on Tuesday ordered the Securities and Exchange Commission to determine the maximum allowable foreign ownership in PLDT, whose major shareholders include Hong Kong's First Pacific Co. Ltd. and Japan's NTT Communications and NTT DoCoMo. Holding firm SM Investments Corp. rose P4 or 0.76 percent to P530.50. Philex Mining Corp., the country's largest miner in terms of assets, added P0.05 or 0.22 percent at P22.50. Conglomerate Metro Pacific Investments Corp. shed P0.07 or 1.94 percent at P3.54. Geothermal power producer Energy Development Corp. slid P0.07 or 1.06 percent to P6.52. -- CMA/OMG, GMA News

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