January 26, 2007
Updated 12:31:11 (Mla time)
MANILA, Philippines -- Shares prices closed sharply lower after investors locked-in gains from the rally of the past six sessions, with caution also setting in after the steep fall on Wall Street overnight, dealers said.
They said the market's sharp downturn, led by Philippine Long Distance Telephone Co, had been expected as many stocks had become expensive.
The 30-company composite index fell 112.37 points or 3.43 percent to 3,162.82, after moving between 3,161.95 and 3,275.19 .
It was up 2.5 percent from the previous week.
The broader all-shares index was down 48.13 points to 1,967.92.
Losers whipped gainers 89 to 32, while 43 stocks ended unchanged.
A total of 3.4 billion shares were traded worth P3.7 billion.
($1 = P49.06)
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