Philippines share prices closed 0.61 percent lower on Monday in a technical correction after hitting nine-year highs in the past two sessions, dealers said.
Philippine Long Distance Telephone (PLDT) led the retreat, but support for conglomerates Ayala Corp and SM Investments, which posted double-digit earnings growth in the nine months to September, limited the downturn, they said. The composite index fell 17.46 points to 2,821.92 after moving between 2,815.95 and 2,839.38.
The broader all-share index fell 3.59 points to 1,733.69. Losers led gainers 61 to 34, while 57 stocks ended unchanged. Turnover was 2.37 billion shares worth 2.13 billion pesos (42.77 million dollars).
The peso traded at 49.80 to the dollar. "I think it's just normal profit-taking. The market is taking a breather after its significant run-up," said Mark Alan Canizares of CitisecOnline.com Inc. PLDT fell 60 pesos to 2,520 pesos after hitting all-time highs last week. Globe Telecom was down 15 pesos to 1,325 pesos.
Petron Corp retreated 25 centavos to 3.90 pesos after the oil refiner said Friday its net profit in the nine months to September fell 16.4 percent to 3.99 billion pesos amid lower prices of crude and refined oil products. Top-traded Ayala Corp rose 10 pesos to 520. SM Investments advanced 7.50 to 297.50. San Miguel A shares were steady at 65 but its B shares rose 50 centavos to 73.50 pesos.
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