PHL share prices drop ahead of long weekend

Philippine share prices slipped on Friday, closing the week in the red ahead of the long weekend and the overnight losses of US stocks. The benchmark 30-company Philippine Stock Exchange index lost 37.13 points or 0.85 percent at 4,305.56 while the broader all shares shed 5.18 points or 0.17 percent at 3,009.44. Market breadth was negative with 88 losers dominating 46 gainers and 39 stocks that closed unchanged. All six sectoral indices retreated led by Mining & Oil's 1.33-percent slide. Volume traded reached 8.33 billion shares valued at P4.47 billion. "...The impact of the long weekend (will prompt) investors (to) book gains in preparation for the loss of two trading days next week," said AB Capital in a market note posted online. The local market will have a shortened trading week next week as Monday and Tuesday (August 29 and 30) were declared National Holidays. Besides the long weekend, players also had to content with another dismal performance overnight of Wall Street with the Dow slumping 1.51 percent and Nasdaq, 1.95 percent. In the local stock market, all five most active stocks for the day fell. Lepanto Consolidated Mining Co. "A', the session's top traded, dipped P0.03 or 1.86 percent to P1.58, while its "B" shares fell P0.02 or 1.19 percent to P1.66. Holding company Alliance Global Group Inc. declined P0.22 or 2.11 percent to P10.20. Alternative power producer Energy Development Corp. dropped P0.02 or 0.32 percent to P6.30. Manila Mining Corp. "A" slid P0.001 or 1.33 percent to P0.074. CMA/OMG, GMA News