Philippine stocks close lower on lack of leads (2)

16:31, June 01, 2010      

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"Over the last couple of weeks, we have seen sentiment swinging to and from confidence-to-doubt (because of the) Eurozone's debt crisis and how it will affect the global economy," Justino Calaycay, an analyst from local brokerage Accord Capital Equities Corp. said.

Alongside this economic dilemma is the geopolitical between the two Koreas who are currently at loggerheads over the South Korea's accusation that the Democratic People's Republic of Korea (DPRK) was responsible for sinking its warship.

Investors will continue to monitor the developments on these issues and will make their future moves depending on how they unfold, Calaycay said.

Locally, Philippines' Commission on Election has yet to announce the winners of this year's election and while the presumed winners have already started to reveal their plans, how this plays out will also affect how the market will perform moving forward, Yeung said.

Among the stocks that were actively traded amidst the market's lackluster trading was First Philippine Holdings Corp., controlled by the Lopez family, which closed 4.27 percent lower.

The firm announced on Monday that patriarch Oscar Lopez , who was at the company's helm for more than two decades, will step down next week. He will be replaced by his son Federico R. Lopez as the company's chief executive.

Stocks in the 30-company index closed mixed. Heavyweight Philippine Long Distance Telephone Co., Banco de Oro Unibank, Inc. and Alliance Global Group, Inc. closed higher, while Megaworld Corp. and SM Investments Corp. finished in the red. Stock price of Ayala Land, Inc. and Manila Electric Co. on the other hand did not move.Source:Xinhua
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