Philippines share prices closed 0.36 percent lower on Tuesday as investors took profits after a three-day rally that took the market to record highs, dealers said. The downturn on Wall Street overnight also helped bring down the market, they said.
The composite index fell 13.41 points to 3,667.14 after trading between 3,663.86 and 3,683.70. The all-share index rose 1.17 points to 2,331.34. Gainers led losers 77 to 58, with 41 stocks unchanged.
Volume 3.68 billion shares worth 6.52 billion pesos (142 million dollars). The Philippine peso was at 45.868 to the dollar. "It's a normal correction after the market hit new highs. Technically, most of the stocks are at overbought levels," said Ron Rodrigo of Unicapital Securities.
Among the day's biggest losers were property firms Megaworld, which fell 15 centavos to 4.05 pesos and Ayala Land, which shed 25 centavos at 18.50 pesos. SM Investments retreated 10 pesos to 430. Philippine Long Distance Telephone shed 10 pesos to 2,640. San Miguel saw its A shares remain at 67.50 pesos while its B shares gained 50 centavos to 75 pesos.
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