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THE Philippine Long Distance Telephone Co PLDT dragged down share prices yesterday as confidence on the stock was shaken by Monday's allegation hurled by Sen Panfilo Lacson.
The Philippine Stock Exchange index was down 15 94 points to 2,789.36, a 1.15 percent drop. The broader all shares index was down 15 94 points to 1 784 72. Losers edged gainers 83 to 31 while 61 stocks were unchanged. Trading turnover reached P4 billion. Political mud slinging ahead of next year s elections dragged some select blue chips lower a sideways outlook.on the global markets coupled with the perceived dwindling confidence on the Philippines contributed to the market s decline according to brokerage firm AB Capital Securities Inc.
In an investors note the brokerage firm noted that prior to the event the market had been moving sideways with no strong bias.
The cookie appears ready to crumble as the market s breadth has turned very negative almost overnight Among index issues there were nineteen losers as against zero gainers.
Foreign investors were net sellers having bought P994 million worth of local stocks as against PI 27 billion sold it noted.
PLDT contributed 7 07 points of the loss on the PSEi and was the top foreign sold issue at a net selling position of PI 74 million Most actively traded PLDT was down P25 to P2,380 Philweb Corp Philweb was down P0.020 to P0.135 Anchorland Holdings Inc Anchorland was steady at P6.50 Ayala Land Inc. Ayala Land was down P0.25 to P10.75 Manila Electric Co Meraloo was down PI to P183 Megaworld Corp Megaworld was steady at P1 50 Philex Mining Co. Philex was down P0 25 to P10.
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