Philippines share prices closed down 0.9 percent on Friday in a technical correction after rising five percent in the previous two sessions, dealers said. The composite index gave up 23.19 points to 2,512.72, while the all shares index lost 13.40 points to 1,580.89. Decliners beat advancers 58 to 40, with 48 other issues unchanged.
Turnover fell to 1.9 billion pesos (43 million dollars) from 2.934 billion pesos on Thursday. The peso traded at 44.247 to the dollar. Nestor Aguila of DA Market Securities said the market was technically due for correction after gaining five percent over the past two sessions.
He put the support level at 2,430 points but added that external developments would provide the cue next week. "Would the market go up ahead of the President's State of the Nation address? The (Monday speech to Congress) may matter, but as in recent sessions, what would matter most will be the price of oil," Aguila told Dow Jones Newswires.
Property and banking sectors led the retreat with Megaworld off 1.4 percent to 1.44 pesos while Metropolitan Bank dropped 4.2 percent to 34.50 pesos. San Miguel Corp B shares were 2.3 percent lower at 42.50 pesos while its A shares were unchanged, also at 42.50 pesos.
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