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Poor profits put damper on sentiment

Philippine shares fell yesterday, with investor sentiment dampened by Wall Street's fall on Wednesday, unimpressive first-quarter corporate earnings and the worsening law and order situation in Mindanao.

Dealers said the news of the Asian Development Bank cutting its economic growth forecast for the Philippines this year to 3.8 per cent from 4.5 per cent also caused the decline in shares.

The Composite Index closed 19.3 points lower at 1,620.53. The All-Shares Index slipped 5.2 points to 634.4.

Decliners led advancers by 62 to 27.

Dealers said Urban Bank's closure amid heavy withdrawals was still harming market confidence, especially in the banking sector.

Close: 1,620.53 (- 19.3) Turnover: 950 mln pesos Volume: 6.7 bln shares

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