Philippines share prices closed 0.84 percent lower on Thursday due to a technical correction, dealers said. The composite index fell 19.37 points to 2,264.23 while the all-shares index was down 0.38 percent at 1,454.58. There were 73 losers, 26 gainers and 43 unchanged.
Volume totalled 1.709 billion shares worth 2.21 billion pesos (46.04 million dollars). The local currency traded at 47.46 pesos from the previous day's close of 47.27. "This is just a correction," Lourdes Dipasupil, research head at RCBC Securities, told Dow Jones Newswires.
"We could see more along the way as we move towards a resistance level of 2,300," she said. Philippine Long Distance Telephone was down 0.4 percent at 2,300 pesos while its American Depository Receipt dropped 2.1 percent in New York overnight. Property developer Megaworld Corp fell 5.4 percent to 87 centavos.
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