062107: Key index stays over 3,700 although shares closed mixed

June 21, 2007
Updated 19:15:58 (Mla time)

Xinhua Financial News Service

(UPDATE) MANILA, Philippines -- Share prices closed mixed as investors locked in profits from Wednesday’s big winners including property developer Ayala Land Inc., although further gains in market leader Philippine Long Distance Telephone Co. (PLDT) lent some support to the market.

PLDT rebounded in late trade after retreating earlier in the session, helping the benchmark index trim its losses.

At the close, the composite index was down 4.29 points or 0.12 percent at 3,714.59, after moving between 3,662.41 and 3,718.88.

However, the all-share index rose 8.35 points or 0.35 percent to 2,374.99.

There were 82 advancers and 46 decliners, while 48 stocks were unchanged.

Volume traded reached 6.3 billion shares valued at P5.9 billion.

Investors decided to grab profits following sharp losses on Wall Street overnight, but analysts said the local market's slide was a healthy correction after another record-breaking rally Wednesday.

"It's more of a technical correction rather than a reversal of trend," said Gomer Tan, vice-president for marketing at Regina Capital Development Corp.

"We believe that the dips in prices provide fresh buying opportunities for us. We remain bullish about prospects for the Philippine economy."

PLDT gained P25 to settle at P2,710, but Ayala Land, the country's largest property developer, fell P0.50 to P18.50.

Food and beverage firm San Miguel Corp.'s A-shares ended flat at P68.50, while its B-shares rose P0.50 to P75.50.

San Miguel intends to list its domestic beer and packaging businesses within the year, company president Ramon Ang said earlier today on the sidelines of an investment conference.

Last month, San Miguel's board approved the spin-off of its local beer operations and its regional packaging business in preparation for separate initial public offerings.

 

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