Philippines share prices closed 1.14 percent lower on Friday as investors took profits from Thursday's record-breaking run, with domestic political concerns weighing on sentiment, dealers said. The composite index lost 43.48 points to 3,758.84 after trading between 3,757.29 and 3,822.41. The all-shares index fell 24.10 points to 2,411.33.
There were 87 losers and 40 gainers, with 55 stocks unchanged. Volume was 3.09 billion shares worth 4.2 billion pesos (90.88 million dollars.) The local currency traded at 46.212 to the dollar. Investors had turned cautious because prices were already "uncomfortably" high, said James Lago of Westlink Global Equities.
Some analysts said domestic political concerns might also have prompted investors to lock-in profits and stay on the sidelines. Top-traded Ayala Land fell 25 centavos to 17.75 pesos. The property developer announced late Thursday that its board had approved a stock rights offering of up to 13 billion preferred shares to all stockholders.
Shares in Philippine Long Distance Telephone Co, the biggest Philippine company by market capitalisation, were down five pesos at 2,715 pesos. First Philippine Holdings Corp fell 50 centavos to 90.50 pesos, giving back gains made earlier in the session.
The company announced late Thursday that it would raise its stake in Manila Electric Co (Meralco) by buying out Union Fenosa of Spain in a deal worth 250 million US dollars. Meralco's A-shares, which only Filipinos can trade, rose one peso to 111 pesos but its B-shares, which can be owned by Filipinos and foreigners alike, retreated one peso to 111 pesos.
Lago said: "the valuation for First Philippine Holdings is still attractive, but Meralco seems to be overstretched." San Miguel Corp A shares were unchanged at 75.50 pesos while its B shares slipped 2.50 pesos to 84 pesos.
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