Philippines share prices closed 0.14 percent lower Wednesday on a continuing technical correction after the market hit eight-month highs last week, dealers said.
The downside however was capped by some buying interest in a number of laggard stocks. The Philippine Stock Exchange composite index shed 2.99 points to 2,060.75.
The composite index closed down 2.99 points or 0.14 percent at 2,060.75 after trading between 2,057.42 and 2,066.26. Volume reached 815.97 million shares valued at 1.37 billion pesos (19.2 million dollars). The broader all-shares index retreated 0.99 points to 1,250.78.
Losers outnumbered gainers 40 to 36, while 50 stocks ended unchanged. The Philippine peso averaged at 54.63 to the US dollar in midday trade.
Dealers said the market is likely to trade sideways for the rest of the week, with profit-taking continuing in stocks deemed expensive after the market's rise to an eight-month high last week.
However, any downward pressured may be offset by further buying interest in laggards or second line stocks seen with strong earnings prospects for the remainder of the year. "As you can see, not everyone is selling everything (they've gained). In fact, some may have already completed disposing and are now back in acquisition mode," said Mark Alan Canizares of Citiseconline.com.
Bank of the Philippine Islands led decliners, ending down 50.00 centavos at 57.00 pesos.
Globe Telecom advanced 5.00 pesos to 705.00 pesos.
Philippine Long Distance Telephone erased earlier declines to close unchanged at 1,785.
Ayala Land Inc fell 10.00 centavos to 9.30 pesos, while parent Ayala Corp was down 2.50 pesos at 307.50 on extended profit taking.
A shares of San Miguel Corp, limited to local investors, ended unchanged at 65.00 pesos while San Miguel B shares, available to local and foreign investors, gained 1.00 peso to 90.50.