Philippine shares end down Monday


  • Business
  • Monday, 24 Feb 2003

MANILA, Philippines (AP) - Philippine shares ended lower for the fifth straight session on Monday because of jitters over a possible war in Iraq and bombings in the country's south, traders said. 

They also cited the weak peso and delays in amendments to the anti-money laundering law as market dampeners. 

The 30-company Philippine Stock Exchange Index ended down 1.77 points, or 0.2 percent, at 1013.93, after shedding 0.7 percent Friday. The index has lost 2 percent since last Tuesday. 

SM Prime ended down 0.10 peso, or 1.9 percent, at 5.10 pesos on follow-through selling. The stock lost 3.7 percent the past two sessions. 

Philippine Long Distance Telephone Co. had its seventh straight session of losses, closing down 5 pesos, or 1.7 percent, at 282.50 pesos. 

The stock has given up 8.9 percent since Feb. 14. 

Manila Electric B fell 0.25 peso, or 2 percent, to 12.25 pesos on profit-taking. 

Traders said the market continued to brace for a possible U.S.-led war on Iraq and threats of sanctions against the Philippines by the Paris-based Financial Action Task Force against money laundering. 

The country has until March 15 to pass amendments to its anti-money laundering law to meet global standards. 

"Nothing has changed. The country is facing the same concerns, providing investors more reason to stay away from the market,'' Westlink Global Equities Chairman Rommel Macapagal told Dow Jones Newswires. 

Financial markets will be closed Tuesday for a national holiday celebrating the 1986 revolution that toppled former President Ferdinand Marcos. - AP 

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