Philippines share prices closed 0.54 percent lower on Wednesday as investors took profits on the latest record breaking advance, dealers said. The composite index fell 20.33 points to 3,731.66, off its day-high of 3,759.29.
On Tuesday, the key index surged to a new closing record of 3,751.99. The broader all-share index declined 0.05 point to 2,398.17. Market breadth was positive with gainers outnumbering decliners 80 to 42, while 53 stocks ended flat.
Turnover thinned to 2.4 billion shares worth 4.3 billion pesos (93.58 million dollars). "The market drifted sideways with the US taking a holiday break while there were no fresh local leads to sustain yesterday's run-up," said Jose Vistan of AB Capital Securities.
"After bursting into uncharted territory, the market had to consolidate as it seeks a more comfortable support level," said Rommel Macapagal of Westlink Global Equities. Investors have switched to small-capitalisation scrips that have fallen sharply in recent sessions, Macapagal said. "Punters are stepping back into second and third-line issues while blue chip stocks are correcting."
Ayala Corp led advancers while market leader Philippine Long Distance Telephone (PLDT) retreated. Ayala added 15 pesos to 565 while PLDT lost 10 to 2,690. San Miguel A rose 50 centavos to 74 pesos while San Miguel B ended unchanged at 83 pesos.
Comments
Comments are closed for this article.