Philippine share prices closed 1.3 percent lower on Friday as investors cashed in gains from recent sessions ahead of a four-day New Year break, dealers said. They said a slide on Wall Street after the assassination of Pakistani opposition leader Benazir Bhutto and the publication of weak US economic data hit sentiment.
The composite index fell 46.04 points to 3,621.60. It rose 21.4 percent in 2007 despite the turbulence in financial markets world-wide over a US housing slump and related credit crunch. The all-share index fell 26.37 points on the day to 2,216.75.
There were 75 decliners and 44 advancers, while 58 stocks were unchanged. A total of 2.4 billion shares valued at nearly four billion pesos (96 million dollars) changed hands. Philippine Long Distance Telephone was down five pesos to 3,175 pesos. Ayala Land fell 50 centavos to 14.25 pesos.
San Miguel A fell 50 centavos to 59 pesos. Its B shares lost 50 centavos to 59.50 pesos. Philippine markets will be closed on December 31 and New Year's Day. Trading will resume on Wednesday.
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