RP stocks down ahead of SONA, higher oil prices

Philippine shares fell on Friday as investors locked in gains ahead of President Gloria Macapagal Arroyo's State of the Nation Address on Monday. Analysts also said players were also looking at the conflict between Lebanon and Israel which has pressured oil prices. The Philippine Stock Exchange composite index finished 6.15 points or 0.27 percent lower at 2,241.25. Losers led gainers 43 versus 39 while 56 stocks were unchanged. Volume traded was 6.57 billion valued at P950 million. "The SONA will be a non-event. It’s more of a peace and order concern for the market than anticipation of what she (Arroyo) has to say. The market will continue to look at developments abroad for direction," AB Capital analyst Jose Vistan said. Philippine Long Distance Telephone Co. (PLDT), the country's largest telecom operator, lost P15 at P1,885 after it disclosed that it was expecting losses from the depreciation of the peso against the dollar in the second quarter of the year. Globe Telecom rose P25 to P955, while sister company Manila Water Co. shed P0.10 at P7.60. - GMANews.TV