Philippines share prices closed 0.48 percent lower on Friday in a technical correction after recent gains took the market to near seven-year highs, dealers said.
Worries about the security situation given possible street protests on Monday, Labour Day, also prompted investors to take profits on select heavyweights. Financial markets will be closed Monday for the holiday. The composite index fell 10.86 points to 2,270.53 after trading between 2,266.10 and 2,283.33. Volume was 2.22 billion shares worth 1.56 billion pesos (30.3 million dollars).
The broader all-shares index retreated 0.70 points to 1,408.43.
Gainers led losers 59 to 39, with 51 stocks unchanged.
Ayala Land led the decline, ending down 75 centavos at 11.75 pesos. Its parent, Ayala Corp, gained 2.50 pesos to close at 360. Top-traded Philippine Long Distance Telephone ended at a fresh record high, up 10 pesos at 2,045. San Miguel A-shares, restricted to Filipino investors, ended steady at 64 pesos. San Miguel B-shares, available to foreign investors, were down one peso at 80.
Comments
Comments are closed.