Philippines share prices closed 1.11 percent lower on Monday back under the key 1,800-points level as investors took profits following gains made last week, dealers said. They said the market should begin consolidating Tuesday, to trade mixed to higher for the remaining days of 2004, as fund managers beef up their portfolios before the year-end closing of books. The Philippine Stock Exchange composite index fell 20.08 points to 1,786.25. It traded between 1,783.15 and 1,808.87.
Turnover totalled 1.02 billion shares worth 689.86 million pesos (12.28 million dollars), from 720.5 million shares worth 641.04 million pesos on Friday.
The broader all-shares index fell 9.92 points to 1,142.97. Losers beat gainers 38 to 28, with 36 stocks unchanged.
"There are five more trading days to go before the end of the year. Investors are taking their time. They want to have a clearer picture of what next year is going to be," Regina Capital Securities analyst Gomer Tan, said.
Concerns over a looming credit rating downgrade remain, especially after Congress passed only one of several new tax measures wanted by the government, he added.
President Gloria Arroyo asked Congress to pass several tax measures to raise at least 80 billion pesos more every year to stop the country's fiscal health from getting worse.
However, lawmakers have approved only one of these measures, to raise excise taxes on tobacco and liquor products.
Dealers said the main index will likely continue to consolidate within a range of 1,740-1,825 points.
Top-traded Bank of the Philippine Islands ended unchanged at 51.50 pesos.
SM Prime Holdings fell 10 centavos to 7.80 pesos.
Ayala Land dropped 10 centavos to 6.90 pesos, while parent Ayala Corp was unchanged at 6.70 pesos.
Philippine Long Distance Telephone ended 25 pesos down to 1,280, with Globe Telecom also down five pesos to 935.
San Miguel B, available to foreigners, ended 2.50 pesos lower at 75.50. San Miguel A was unchanged at 57.50 pesos.
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