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Philippine shares decline for 3rd day on typhoon impact

Philippine shares decline for 3rd day on typhoon impact

Philippine shares slid for a third day Wednesday on lingering concerns over the economic costs wrought by last week's typhoon.
The benchmark 30-company Philippine Stock Exchange Index fell 1.4 percent at 2,486.82, bringing the total index loss to 2.7 percent since Monday. The index dropped 0.8 percent Tuesday.
Philippine Long Distance Telephone Co. was the most actively traded stock, down 2.3 percent at 2,165 pesos following the 1 percent loss in the company's American depository receipts in New York overnight.
Food company Universal Robina rose 7.9 percent at 20.50 pesos on gains from a secondary stock offer of property concern Robinsons Land, which includes shares held by Robina.
Wealth Securities said the devastation from Typhoon Xangsane, which hit the northern Philippines on Thursday, should not define the long-term outlook of badly hit Philippine companies, including utility and telecommunication firms.
The peso weakened Wednesday on sluggish corporate demand for the U.S. dollar.
The dollar closed at 50.01 pesos, up from a four-year low of 49.88 pesos Tuesday.


Updated : 2021-05-11 02:49 GMT+08:00