Philippine share prices closed 0.14 percent lower on Wednesday in a continued technical correction following recent gains, dealers said. They said the market has come of the highs above 2,000 points, with trade beginning to thin ahead of next week's Lunar New Year holidays when fund managers are expected to go on leave. The Philippine Stock Exchange composite index fell 2.81 points to 1,989.56 after trading between 1,982.45 and 1,994.40 points.
Volume was 2.97 billion shares worth 1.33 billion pesos (24.18 million dollars) after 2.68 billion shares worth 3.88 billion pesos Tuesday.
The broader all-shares index rose 8.23 points to 1,164.14.
Losers led gainers 77 to 31, with 47 stocks unchanged.
Dealers said all sectors retreated, except property, as the market awaits fresh positive leads.
The mining sub-index was down 153.63 points at 4,007.97, giving up early gains on quick profit taking as mining interests from Australia, the United States and Britain met in Manila to discuss the government's plans for the sector. "It's more of a breather, with the market waiting for more good news," said Gomer Tan, an analyst at Regina Capital Development Corp.
"The market should see some support at 1,980."
DA Market Securities president Nestor Aguila said stocks may consolidate for the rest of the week ahead of the Lunar New Year holidays when many fund managers are expected to take time off.
Globe Telecom, the most actively traded stock, was up 20 pesos at 940 pesos as investors shrugged off its lackluster 2004 results and focused on the upcoming 20 pesos per share cash dividend and share buyback. Rival Philippine Long Distance Telephone was down 15 pesos at 1,400, tracking its New York-listed shares which fell 41 cents to 25.59 dollars overnight.
Ayala Land was up 20 centavos at 9.10 pesos. San Miguel Corp B shares, available to foreign investors, were down 50 centavos at 76.50 pesos, while its A shares were steady at 58 pesos.