04/24 2:16:15 PM
The composite index fell 27.08 points to settle at 3,291.93 after moving between 3,276.56 and 3,306.82.
The broader all-share index dropped 14.99 points to 2,088.63.
Losers beat gainers 62 to 44, while 68 stocks were flat. Volume amounted to 2.8 billion shares worth 4.4 billion pesos (92.2 million dollars).
"Investors pocketed gains from (Monday's) significant surge, and with Wall Street falling overnight, this was used further as an excuse to sell," said Jose Vistan of AB Capital Securities.
The key composite index jumped nearly two percent on Monday to hit its highest level in two months, spurred by firmer
Vistan said investors were also caught offguard by news that the government missed its budget gap target for the first quarter, adding caution may prevail ahead of the midterm congressional elections on May 14.
The government said Monday it incurred a budget deficit of 52 billion pesos for the three months to March, breaching the 45.8 billion-peso deficit ceiling, as tax collection came in short of the target.
But Gomer Tan of Regina Capital Development Corp, said he expects the government's fiscal situation to recover.
"It is still the tax collection season and the Bureau of Internal Revenue is expected to generate more revenue in subsequent months," he said.
Top-traded Philippine Long Distance Telephone Co lost 45 pesos to 2,530 while rival Globe Telecom Inc dropped 25 to 1,225. SM Prime Holdings Inc fell 50 centavos to 11.50 pesos.
Food and beverage conglomerate San Miguel Corp's A-shares were unchanged at 65 pesos, while its B-shares closed 50 centavos lower at 73.50 pesos.
http://www.philstar.com/philstar/NEWS_FLASH04242007653_7.htm
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