Shares Fall on U.S. Rate Worries
May 19, 2011
The Philippine Stock Exchange Index shed 21.40 to 3170.16 on volume of 6.47 billion shares. Decliners led gainers 87 to 22, while 73 issues were unchanged. Analysts said most investors expect the U.S. unemployment rate to fall when figures are released Friday. Fears that it may trigger inflation and prompt the U.S. Federal Reserve Board to raise interest rates weakened trading, observers said. Universal Rightfield Property Holdings fell 10 centavos to 3.70 pesos, and Manila Electric's Class B shares shed 3 pesos to 200. Philippine Long Distance Telephone gained 10 pesos to 1,595. Its American depositary receipts gained $0.875 to $61 on the New York Stock Exchange Thursday. The commercial-industrial subindex lost 17.31 to 4300.45, the property subindex declined 2.38 to 163.85, the mining subindex shed 18.94 to 2925 and the oil sector gave up 0.14 to 6.03.
