Philippines share prices shrugged off a strong performance by Wall Street overnight and closed 1.34 percent lower on Wednesday on profit-taking in blue chips after recent gains, dealers said.
They said the market could continue to consolidate in the next few sessions and will likely bounce back when other blue chip companies unveil quarterly results next week. The composite index shed 37.46 points to 2,755.28 having traded between 2,743.43 and 2,792.74. The broader all-share index fell 10.05 points to 1,699.23.
Losers outnumbered gainers 65 to 40 while 54 were unchanged. Turnover was 1.59 billion shares valued at 2.19 billion pesos (43.8 million dollars). The peso averaged at 49.86 to the US dollar.
"We saw a lot of profit-taking which was expected given that the technical correction was put off for several trading sessions already," said Joseph Roxas of Eagle Equities Inc. Top-traded Megaworld tumbled 22 centavos to 2.16 pesos.
Philippine Long Distance Telephone Co fell 60.00 pesos to 2,420 pesos. PLDT reported a 27 percent in third-quarter net profit on Tuesday driven mainly by foreign exchange gains.
Several banking stocks also faltered. Metropolitan Bank Trust Co fell 50 centavos to 49.50 pesos, Banco de Oro was down one peso at 44.50 and Equitable PCI Bank retreated 1.50 to 78. San Miguel Corp's A-shares fell 50 centavos to 65 pesos, while its B-shares dropped 50 centavos to 74 pesos.
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