Index tumbles 6 points on losses in blue chip PLDT

Shares prices declined yesterday on losses in blue chip Philippine Long Distance Telephone Co. (PLDT).

The benchmark 30-company Philippine Stock Exchange Index fell 5.58 points, or 0.3 percent, to 2,133.13, adding to Friday’s one percent loss.

Pressuring the index, heavyweight PLDT fell 0.5 percent to P1,845, in step with the 0.9 percent loss suffered by the company’s American depositary receipts in New York Friday, in line with the decline on Wall Street.

Among other active stocks, the country’s largest media network in assets, ABS-CBN, closed unchanged at P12 after dipping to an intraday low of P11.75. A stampede at the weekend killed 74 people and injured another 500 as they tried to get into a popular game show produced by the network.

On Monday, ABS-CBN Philippine depository receipts fell 4.2 percent to end at P11.50.

Helping to limit losses, SM Prime advanced 1.2 percent to P8.30, as the mall operator got a boost from upbeat earnings prospects ahead of the scheduled opening of at least five new malls this year.

Decliners led gainers 40 to 27, while 59 stocks were unchanged.

"Right now, people are just waiting for 2005 earnings to come out. There have been very few fresh leads on either the corporate or economic fronts that could perk up trading," said Nina Tinio of Unicapital Securities Inc.

"We’ve placed this week’s support at 2,100 to 2,130 points while resistance is seen at 2,155 to 2,185," Tinio said.

There are also concerns that further hikes in US interest rates could dampen interest in peso-denominated investments, said Jonathan Ravelas of Banco de Oro Universal Bank.

"A low interest rate scenario in the Philippines would make dollar assets more attractive, especially if the US Fed continues tightening monetary policy," Ravelas said.

Telecom giant Philippine Long Distance Telephone Co. (PLDT) led declines, ending down P10 at P1,845.

Bank of the Philippine Islands shed 50 centavos to P58 while parent Ayala Corp. fell P2.50 to P332.50.

SM Prime Holdings advanced 10 centavos to P8.30 and parent company SM Investments retreated P3 to P225.

Globe Telecom gained P5 to P760 ahead of the expected release of its 2005 earnings report this week.

San Miguel Corp. A shares were down 50 centavos at P62.50 while San Miguel Corp. B shares ended unchanged at P85.50. – AP, AFP