Philippine Shares End Lower for 3rd Session
Thursday May 12, 2:49 am ET
Philippine Shares End Lower, Led by Philippine Long Distance Telephone, Globe Telecom
MANILA, Philippines (AP) -- Philippine shares ended lower Thursday for a third straight session, hurt by losses in blue chips Philippine Long Distance Telephone and Globe Telecom.
The benchmark 30-company Philippine Stock Exchange Index closed down 9.58 points, or 0.5 percent, at 1,911.75, after shedding 0.5 percent Wednesday.
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Thursday's decline brings the index's total losses to 1.8 percent over the past three sessions.
The main contributors to the loss were declines in Philippine Long Distance Telephone, which shed 1.7 percent to 1,410 pesos, and rival Globe, which fell 1.2 percent to 820 pesos.
In an investors' briefing Monday, cellular service provider Globe said it expected revenue to stay "fairly flat" for the remainder of the year in the face of intense competition and efforts by other operators to expand their service networks.
The commercial-industrial, all shares, property, and oil subindexes ended lower. The banks and financial services, and mining sub-indicators, closed higher.
Decliners led gainers 43 to 22, while 50 stocks were unchanged.
Partly offsetting the market's losses was International Container Terminal, which rose 1.4 percent to 7.50 pesos. The port operator on Wednesday posted first-quarter net profit that was up sharply from a year ago, due to a double-digit percentage increase in the volume of cargo that passed through ports it operates in the Philippines and abroad.
Atlas Consolidated rose 11 percent to 4.75 pesos after a local newspaper reported Thursday that the mining concern plans to raise US$150 million in fresh capital from a share offer and supply deals with new partners to fund its copper mining operations.
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