Shares of PLDT (PSE:TEL), Globe Telecom (PSE:GLO) Decline on the Philippine Stock Exchange

PHILIPPINES – Blue chip telecoms stocks Philippine Long Distance Telephone Co (PSE:TEL) and Globe Telecom Inc (PSE:GLO) saw their shares declining on Wednesday’s trading as the index continued retreat following a week of gains.

Philippine Long Distance Telephone Co (PSE:TEL)’s stock shed Php30 after declining by 1.36 percent in today’s trading. It traded at Php2,170 at the close.

Just before the market’s close, PLDT published its public ownership report.

At the New York Stock Exchange, Philippine Long Distance Telephone (ADR) (NYSE:PHI) was trading slightly lower on Wednesday. It stock was trading US$47.81 a share, or 0.21 percent lower in morning session.

Shares of Globe Telecom, Inc. (PSE:GLO) also plunged in today’s trading, losing 3.11 percent of its value to end the day at Php2,180 a share.

The company’s stock was trading at a range of Php2,162 – Php2,294, until it closed at Php2,180. A total of 68,525 shares traded with a value of Php150.28m.

Globe Telecom, Inc. (PSE:GLO) was originally incorporated on January 15, 1935 as Globe Wireless Limited with a franchise to operate wireless long distance message services in the Philippines.

The Company eventually changed its name to the present one in 1992, and welcomed Singapore Telecom, Inc. as a new foreign partner the following year. – BusinessNewsAsia.com

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