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MANILA, Philippines (AP) -- Philippine shares slipped Tuesday, dragged down by a new political scandal as investors awaited the U.S. Federal Reserve's decision on interest rates. The 30-company Philippine Stock Exchange Index lost 17.68 points, or 0.5 percent, to 3,289.75, after rising 0.4 percent Monday. At a Senate hearing, Joey de Venecia III, son of the House speaker and co-founder of a Philippine telecommunications company that lost a government broadband contract to a Chinese rival, testified that the president's husband asked him to "back off" from the project. "It's too early to say something about (the controversy). There are more serious problems facing the market. But (today's testimony) created a knee-jerk reaction," said Jonathan Ravelas, a market strategist with Banco de Oro. Investors were also staying on the sidelines ahead of the Fed decision on interest rates coming later Tuesday, he said. Manila Electric Co. dropped 2.5 percent to 77.50 pesos. First Philippine Holdings Corp. retreated 2.7 percent to 72.50 pesos. Bank of the Philippine Islands slid 0.8 percent to 64 pesos. Decliners outnumbered gainers 87 to 26, while 42 stocks were unchanged.
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