| THE Philippines’ stock index fell for a fourth day Wednesday. San Miguel Corp. and SM Prime Holdings Inc. dropped after a report said economic growth may slow next year.
“Slower growth means lower consumer spending,” said James Lago, an analyst at Westlink Global Equities Inc. in Manila. “It means fewer people drinking beer and going to the malls.”
The Philippine Stock Exchange Index lost 1.71, or 0.1 percent, to 2,527.27 at the noon close in Manila, after advancing as much as 0.1 percent. Gainers and decliners were about even.
SMC, the nation’s biggest food and beverage company, dropped P1, or 1.3 percent, to P75. SM Prime Holdings, the country’s largest shopping-mall operator, lost 20 centavos, or 2.3 percent to P8.40.
Philippine Long Distance Telephone Co., the nation’s largest company by market value, dropped P15 or 0.6 percent to P2,175.
Losses in the market were pared after the Bangko Sentral ng Pilipinas (BSP) said foreign investment rose. Ayala Land Inc., the nation’s largest developer, gained 25 centavos, or 1.9 percent to P13.75. Manila Electric Co., the country’s biggest power retailer, rose P1, or 3.2 percent to P32.
Net foreign direct investments rose to $158 million in July from $45 million a year earlier, helping more than double inflows for the first seven months, the BSP said Tuesday.
“That’s one piece of good news that prevented a bigger drop in share prices,” Lago said. Bloomberg |
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Business Mirror
October 12, 2006
http://www.businessmirror.com.ph/comp03.php
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