Philippines stocks fell on Wednesday as profit-taking continued in select blue chips such as second-ranked phone firm Globe Telecom Inc and conglomerate Ayala Corp after the market's recent 9-day rally.
Globe Telecom, which is jointly owned by Ayala Corp and Singapore Telecommunications, fell 2.39 percent or 25 pesos to 1,020 pesos. Its chief rival, number one Philippine Long Distance Telephone Co (PLDT), dropped 1.08 percent or 15 pesos to 1,370 pesos.
Ayala Corp, which also has interests in property development, banking, and utilities, fell 3.28 percent or 20 centavos to 5.90 pesos.
The Philippine main index closed 11.37 points or 0.66 percent lower at 1,706.08 points, still up around 18 percent on the year.
Turnover fell to 528.49 million pesos ($9.4 million) from Tuesday's 712.1 million pesos. There were 33 losers and 33 gainers in the broader market.
Bank of the Philippine Islands, the country's second largest lender, fell 2.2 percent or 1 peso to 44.5 pesos.
The stock market gained 11 percent from September 1-13 led by PLDT and Globe on optimism that President Gloria Macapagal Arroyo will aggressively promote her reform package of new tax measures to curb the country's big budget deficit.
The Philippine economy grew 6.2 percent in the year through the second quarter after a 6.5 percent expansion in the first quarter.
Analysts said the market might continue to ease on Thursday with immediate support seen at 1,680.