Philippines share prices closed 0.16 percent lower on Friday as investors took modest profits after sharp gains Thursday, dealers said. The pullback followed two days of gains that brought the market to its highest level in nearly seven years, with trade expected to be modest next week ahead of the Easter holiday break.
The composite index fell 3.64 points to 2,216.73 after trading between 2,207.05 and 2,221.76. Volume was 2.89 billion shares worth 1.32 billion pesos (25.9 million dollars.)
Losers led gainers 44 to 39, with 58 stocks unchanged. The all-shares index was down 4.49 points at 1,096.94. The peso was at 51.109 to the dollar as of mid-day.
"Some investors took profits ahead of what is expected to be a very dull trading week. The market is in vacation mode," said Astro del Castillo of First Grade Holdings Inc. The market will be closed on April 13 and 14 for the Easter weekend. Trading will resume on April 17.
SM Investments, the most actively traded stock, fell one peso to 227. Philippine Long Distance Telephone was steady at 1,975 pesos. San Miguel A-shares, exclusive for Filipinos, fell 50 centavos to 60 pesos while its B-shares, available to foreign investors, retreated 1.50 pesos to 79.