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RP stocks fall anew, dragged by PLDT


Philippine share prices fell on Thursday, mimicking Wall Street’s slide overnight, as players locked in gains from Wednesday’s 3 percent rise. The Philippine Stock Exchange composite index shed 34.89 points or 1.14 percent at 3,028.37. The all shares index was also in the red as it lost 12.54 points or 0.64 percent at 1,950.96. The Dow Jones lost 15 points overnight in trading that was described as stabilizing. The local bourse was dragged down by market heavyweight Philippine Long Distance Telephone Co., which lost P70 or 2.95 percent at P2,300. "It's not a big drop. Eventually, we'll see PLDT bouncing back. Investors are just taking time to digest the news," First Grade Holdings managing director Astro del Castillo said. On Tuesday PLDT reported that its net income for 2006 came in at P35.1 billion, almost flat from 2005's P34.1 billion. Overnight, PLDT’s American Depositary Receipts gained $0.10 at $48.10. Losers beat gainers in Thursday's trade, 77 to 32, while 44 stocks were unchanged. Volume traded reached 9.91 billion valued at P4.02 billion. PNOC-Energy Development Corp. fell P0.10 or 1.75 percent to P5.60. Bank of the Philippine Islands shed P1 or 1.54 percent at P64. Ayala Land Inc. lost P0.25 or 1.56 percent at P15.75. Mining firm Geograce Resources slid P0.16 or 10 percent to P1.44. On Wednesday, the index rose 89.99 points or 3.03 percent to 3,095.56, tracking gains in world markets. -GMANews.TV

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