Philippines share prices closed 0.16 percent lower on Tuesday on profit-taking in the face of rising oil prices, dealers said. However continued gains in mining stocks trimmed the market's losses as metal prices rose to fresh multi-year highs overnight.
The composite index ended down 3.64 points at 2,225.72 after trading between 2,222.02 and 2,235.91. The broader all-shares index retreated 3.71 points to 1,365.74. Losers led gainers 71 to 34, with 52 stocks unchanged.
Volume was 11.24 billion shares worth 2.2 billion pesos (42.8 million dollars).
"The geopolitical situation in Iran is pushing up oil and other commodity prices and it is creating inflationary concerns. That may put pressure on the central bank to eventually raise interest rates," said Jose Vistan of AB Capital Securities. Dealers say the market may continue to head lower in coming sessions with upcoming first-quarter corporate results unlikely to help.
"Earnings in the first quarter are likely to be less robust than usual because of the higher taxes companies have to pay," Vistan said, referring to a law that raised value-added taxes and corporate income taxes in February.
Top-traded Philippine Long Distance Telephone closed down 15 pesos to 1,965 while rival Globe Telecom retreated five pesos to 885. SM Investments fell five pesos to 214.
San Miguel A shares closed steady at 60 pesos and San Miguel B shares were unchanged at 79 pesos.
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