Philippines shares dip

Philippines share prices closed 1.3 percent lower on Monday on profit taking after the key index hit a seven-month high last week, dealers said. The composite index lost 29.33 points to 2,279.37 while the all-shares index fell 0.7 percent, or 11.56 points, to close at 1,465.84. A total of 1.80 billion shares worth 2.25 billion pesos (47 million dollars) changed hands.
Decliners led advancers 73 to 38 while 38 issues were unchanged. Philippine Long Distance Telephone Co shed 2.6 percent to 2,250 pesos while Energy Development Corp fell 3.8 percent to 3.80 pesos. Globe Telecom was off 1.1 percent at 890 pesos.