Manila Times
Wednesday, March 08, 2006
Share prices close lower
as investors cash in on gains
Philippine share prices closed lower Tuesday as investors locked in gains from a rally that pushed prices to one-month highs, dealers said.
Turnover was modest, a sign that investors were in no hurry to sell, with last-minute bargain-hunting helping to limit losses, they said.
The composite index gave up 26.41 points to 2,121.91 after trading between 2,104.38 and 2,148.32. Volume stood at 472.17 million shares worth P1 billion ($19.22 million).
The broader all-shares index retreated 8.45 points to 1,035.58.
Losers outnumbered gainers 42 to 32, with 55 stocks unchanged flat.
The peso was at 50.94 to the dollar by midday.
“We’ve been up for several days. Now it’s time to take a breather,” said Nina Tinio of Unicapital Securities.
The market had actually risen during last week after President Arroyo placed the country under a state of emergency to quell an alleged coup plot. The decree, in effect for a full week, was lifted on Friday.
“Most indicators are already at overbought levels, which signals that a correction is necessary. Today’s decline is purely technical in nature as overall sentiment remains positive,” said an analyst from a local brokerage.
Investors largely ignored a better-than-target budget deficit for January, which the government said was achieved on the back of higher tax collections and savings from expenses.
Top-traded Philippine Long Distance Telephone fell P10 to 1,825.
Ayala Corp. dropped P7.50 to 340 while unit
San Miguel A was steady at P62 and San Miguel B fell P3 to 79.50.
--AFP
http://www.manilatimes.net/national/2006/mar/08/yehey/business/20060308bus11.html
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