Philippines share prices closed 0.55 percent lower on Monday as soaring oil prices sparked a round of profit-taking after the market hit near seven-year highs, dealers said.
They said the correction was to have been expected and the latest spike in oil prices to above 75 dollars a barrel provided the excuse but overall the tone remains positive, with investors expecting strong first quarter corporate results.
The composite index fell 12.49 points to 2,250.48 after trading between 2,243.08 and 2,264.84. Turnover was 3.91 billion shares worth 2.293 billion pesos (44.36 million dollars).
The broader all-shares index retreated 1.93 points to 1,105.43.
Losers led gainers 59 to 35, with 53 stocks unchanged.
The Philippine peso was at 51.686 to the dollar as of mid-day.
"Profit-taking has finally emerged but the pullback was limited as overall sentiment remains positive despite the threat of rising oil prices to economic growth," said Lawrence de Leon of Accord Capital Equities.
Dealers said investors who were anticipating strong first quarter earnings reports took advantage of the market's weakness to accumulate select shares.
"The country's improving fiscal situation has helped fuel the market's rally in recent months but now rising oil prices should be taken into consideration, especially as they impact inflation and economic growth," de Leon said.
Philippine Long Distance Telephone was top-traded, ending down 10 pesos to 1,990.
Megaworld retreated 12 centavos to 1.44 pesos as investors took profits on sustained gains made before trading in the property stock was halted for two weeks until last Friday.
During the trading halt, Megaworld sold 3.9 billion common shares at 1.38 pesos each, mostly to international investors.
SM Investments fell three pesos to 230 while unit SM Prime Holdings was down 10 centavos at 7.80 pesos.
San Miguel A-shares ended up 50 centavos at 60.50 pesos while San Miguel B-shares fell one peso to 81.