Philippines share prices closed 0.91 percent lower on Thursday as profit-taking took hold after a one-day recovery proved short-lived on fears shares are overpriced, dealers said. They said the market remains at an overbought level following its recent rally to a fresh five-year high, while a further correction was warranted in coming sessions. The Philippine Stock Exchange composite index fell 19.72 points to 2,137.42 after trading between 2,132.25 and 2,158.50.
Turnover was 2.57 billion shares worth 1.11 billion pesos (19.57 million dollars). The broader all-shares index fell 10.50 points to 1,229.34. Losers beat gainers 69 to 34, with 51 stocks unchanged.
Investors had largely ignored news of double-digit exports growth in January, Lawrence de Leon of Accord Capital Equities, said.
The National Statistics Office reported Thursday that exports in January grew 15.4 percent year-on-year to 3.28 billion dollars, on the back of strong electronics shipments.
Telecoms giant, Philippine Long Distance Telephone Co (PLDT) was the most actively traded stock, falling 10 pesos to 1,470 pesos following recent gains.
Semirara Mining Corp gained 50 centavos to 46.00 pesos while Metropolitan Bank and Trust Co was up one peso at 37.00 pesos.
Ayala Corp fell 10 centavos to 8.30 pesos while its flagship unit Ayala Land Inc was down 30 centavos to 9.30 pesos.
San Miguel Corp B shares, available to foreign investors, fell one peso to 83.50 pesos while San Miguel Corp A shares, restricted to local investors, was down 50 centavos at 56.50 pesos.