04/30 1:51:31 PM
They said investors were also exercising caution ahead of the May 14 mid-term elections, which many see as a referendum on President Gloria Arroyo's government.
The composite index dropped 47.65 points to close at the day's low of 3,270.73 off a high of 3,318.38.
The broader all-share index dropped 22.90 points to 2,078.72.
Losers beat gainers 68 to 35, with 56 stocks unchanged. A total of 4.5 billion shares worth 3.4 billion pesos (723 million dollars) were traded.
"There is always that uncertainty before and after every election, so we can expect the market to move sideways in the coming weeks and even shortly after that, a consolidation will take place," said Joseph Roxas of Eagle Equities.
Lawrence de Leon of Accord Capital Equities noted that the average value turnover in recent weeks has been declining, although there has been no heavy selling.
"The daily value turnover average is going down, partly because investors are not buying aggressively as the elections are very close," he said.
"Investors are either unwinding positions, while others are reducing their holdings portfolio."
Top-traded Philippine Long Distance Telephone was among the day's losers, slipping 15 pesos to 2,540 while rival Globe Telecom Inc fell five to 1,230.
Conglomerate Ayala Corp shed 15 to 600, while property arm
Food and beverage conglomerate San Miguel Corp.'s A-shares ended down 50 centavos at 64.50 pesos, but its B-shares were steady at 73.00.
http://www.philstar.com/philstar/NEWS_FLASH04302007891_7.htm
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