U.S.-Iraq Tensions Lower Shares
May 18, 2011
The Philippine Stock Exchange Index lost 6.04 to 3191.56 on volume of 3.66 billion shares. Decliners led gainers 71 to 31, while 76 issues were unchanged. Even news that local inflation fell for the fifth consecutive month failed to entice investors into the market, observers said. The August inflation rate stood at 7.9% from July's 8.9%. Property developer Ayala Land's Class B shares lost 50 centavos to 33.50 pesos because of problems involving Philippine National Bank's property sale in the Makati financial district. Analysts said the bank's property sale enhanced the value of properties in Makati, which was placed around 220,000 pesos per square meter before the sale. Ayala Land has substantial real-estate holdings in Makati. Oil refiner Metts was weakened by the U.S.-Iraq conflict, shedding 25 centavos to 10.25 pesos. Philippine Long Distance Telephone gained 10 pesos to 1,585 after its American depositary receipts added 12.5 cents to $60.125 Wednesday. Newly-listed holding concern Solid Group shed 20 centavos to 6.10 pesos due to profit-taking. The commercial-industrial sector rose 6.04 to 4317.76, the property sector shed 1.98 to 166.43, the mining sector lost 62.35 to 2943.94 and the oil sector slid 0.01 to 6.17.
VastPress 2011 Vastopolis
