Philippines stocks fell for the fourth straight day on Friday led by number one phone firm PLDT and conglomerate Ayala Corp on more profit-taking after a nine-day rally. Analysts said the market was expected to rebound next week on hopes for the government's proposed economic reforms.
Despite strong public opposition, President Gloria Macapagal Arroyo said on Thursday the government must impose new taxes to help generate more revenues to cut the country's budget deficit.
House Speaker Jose De Venecia said four of the eight tax measures proposed by Arroyo were likely to pass the lower house by the end of the year. On Friday, the main index ended 10.51 points or 0.62 percent lower at 1,681.35 points.
The market is up 15.3 percent so far this year. Philippine Long Distance Telephone Co (PLDT), which is a quarter-owned by Hong Kong's First Pacific Co Ltd, fell 1.85 percent or 25 pesos to 1,325 pesos.
It was the most active stock and it accounted for 39 percent of total trade. Ayala Corp, the country's largest business group, fell 1.64 percent or 10 centavos to 6 pesos.
Value turnover rose to 756.32 million pesos ($13.5 million) from Thursday's 647.94 million pesos. Losers beat gainers 42 to 33 and there were 44 stocks unchanged. Analysts saw the market drifting within the 1,660 and 1,710 range next week.
Ayala Land Inc, the country's largest property firm, dropped 1.64 percent or 10 centavos to 6 pesos. Pilipino Telephone Corp (Piltel), the country's third-largest mobile phone firm, fell 1.82 percent or five centavos to 2.70 percent.
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