Philippines share prices closed 0.39 percent lower in lackluster trade on Monday, with investors cashing-in on recent gains, dealers said. Investors also stayed on the sidelines while awaiting fresh leads and the release of corporate results for the second quarter due to start later this month, they said.
The composite index finished down 14.79 points at 3,744.05, coming off a high of 3,779.20 before profit-taking. Turnover was 2.8 billion shares worth 3.2 billion pesos (69.5 million dollars). Declines led gains 64 to 44, with 64 stocks unchanged.
"A number of public offerings this month are expected to suck liquidity out of the market. At the same time, the market is taking a break before the release of fresh economic data and second-quarter results," said Lawrence de Leon of Unicapital Securities.
State-owned Philippine National Oil Company (PNOC) plans to sell another 20 percent stake in geothermal power producer PNOC Energy Development Corp, on Wednesday Phoenix Petroleum Philippines lists on the bourse, to be followed by power producer Aboitiz Power Corp on July 16 and broadcast company GMA Network Inc on July 30.
Economic data expected this week are export figures for May and foreign direct investments for April, both due on Tuesday, and overseas workers' remittances in May, for release on Friday.
Philippine Long Distance Telephone Co, the biggest Philippine company by market capitalisation, fell 40 pesos to 2,675. Top-traded Ayala Land Inc was down 25 centavos at 17.50 pesos. Manila Electric Co's A-shares retreated 3.00 pesos to 108 while its B-shares shed 2.00 pesos at 109. San Miguel Corp A shares were unchanged at 75.50 pesos while the B shares fell 1.00 peso to 83.00 pesos.
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