Philippines share prices closed 0.19 percent lower on Monday on the first trading day of the year as investors locked in profits made last week, dealers said.
They said the pullback was expected due to a lack of strong positive leads and Philippine Long Distance Telephone's (PLDT's) losses last Friday in New York.
The composite index fell 4.04 points to 2,092.00 after trading between 2,085.45 and 2,096.04. Volume was a thin 448.5 million shares worth 343.2 million pesos (6.6 million dollars).
Declines led gains 24 to 19, with 47 stocks unchanged. The peso was at 52.94 to the dollar in mid-day trade. "Investors were a bit disappointed after the market closed 2005 at below 2,100 points despite year-end window-dressing," said Rommel Macapagal of Westlink Global Equities.
"The thin volumes also indicate that most investors are still on vacation or on the sidelines waiting for leads," he added.
Philippine financial markets were closed last Friday for a public holiday. PLDT, the most actively traded stock, fell 15 pesos to 1,820 after losses in its New York-listed shares.
Bank of the Philippine Islands was down 50 centavos at 54 pesos but mall operator SM Prime Holdings advanced 20 centavos to 8.10 pesos. San Miguel A shares were steady at 65 pesos while its B shares rose 50 centavos to 89 pesos.
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