Philippines shares drop

Philippines share prices closed 0.81 percent lower Wednesday on profit taking in the absence of market-moving news, dealers said. The composite index shed 23.07 points to close at 2,829.41. A total of 2.86 billion shares worth 2.72 billion pesos (56.36 million dollars) changed hands.
Decliners led advancers 64 to 39 while 60 issues closed unchanged. Astro del Castillo, of First Grade Holdings Inc, said dealers had little to move on during Wednesday's trade. Philippine Long Distance Telephone Co shed 1.0 percent to 2,415 pesos on Wednesday while Metropolitan Bank and Trust closed 1.3 percent lower at 37 pesos.