Metro Pacific falls 6.17%

Metro Pacific falls 6.17%

MANILA (Reuters): Metro Pacific Corp tumbled 6.17 percent in midsession yesterday on worries over the fate of its parent, Indonesia's Salim Group, brokers said.

"People are afraid of what's happening in Indonesia and how Salim will come out of the crisis," said Jose Ricardo Garcia, executive vice-president at Diversified Securities.

Analysts said Salim Group, Indonesia's largest conglomerate, is facing rough times after the ouster of former president Soeharto.

Among Salim's overseas listed units is First Pacific Co Ltd with Metro Pacific as the local flagship company.

Metro Pacific shed 10 centavos to 1.52 pesos in midsession.