RP stocks fall for 3rd straight day on overseas concerns

Philippine share prices fell for the third straight day on Thursday as investors remained skittish over a number of concerns such as the slowing US economy and soaring oil prices, analysts said. The 30-company Philippine Stock Exchange Index shed 31.55 points or 0.90 percent to 3,478.94 while the all-share index lost 18.66 points or 0.87 percent to 2,121.77. Losers dominated gainers 72 to 35 while 60 stocks ended flat. Volume traded reached 1.74 billion valued at P4.29 billion. “The market remains infected with the air of uncertainty overseas, high oil prices and ill effects of credit crisis such as slowdown in US economy. The slump in Wall Street cause local investors to dump their shares in the market today," said Astro del Castillo, First Grade Holdings managing director. Geothermal Power producer PNOC-Energy Development Corp. surged P0.60 or 9.5238 percent to P6.90. On Wednesday night, the Philippine National Oil Co. announced that Lopez-led Red Vulcan bid P58.5 billion for the government's 60-percent stake in the geothermal power producer. Red Vulcan bested three other bidders. Developer Ayala Land Inc. slipped P0.25 or 1.56 percent to P15.75. Sy-led Banco de Oro-EPCI Inc., the country's second largest lender in terms of assets, skidded P1.50 or 2.88 percent to P50.50. Telecommunications giant Philippine Long Distance Telephone Co. slipped P20 or 0.66 percent to P3,000. Manila Water Co. Inc., which supplies water to Metro Manila's east zone, dropped P0.75 or 4.48 percent to P16. - Cheryl Arcibal, GMANews.TV