Philippines share prices closed 0.40 percent lower on Tuesday as profit-taking took hold after a three-day rally that took the market to record highs, dealers said. Investors were also keeping an eye on China's stock markets, where sentiment remained shaky after recent sharp falls, they added.
The composite index closed 14.8 points lower at 3,608.14 after moving between 3,594.02 and 3,622.94. The all-share index fell 7.38 points to 2,296.01. There were 62 decliners and 53 advancers, while 53 stocks were unchanged. Volume amounted to 4.46 billion shares worth 5.04 billion pesos (110 million dollars).
"The market is undergoing a healthy correction following accumulated gains of more than six percent in the last three sessions. Bank of the Philippine Islands fell 1.50 pesos to 68.50 while Philippine Long Distance Telephone Co was down five at 2,625. Ayala Land Inc retreated 25 centavos to 17.25 pesos.
Top-traded Globe Telecom Inc bucked the trend, gaining 15 to settle at 1,440. Food and beverage group San Miguel Corp's A-shares fell 50 centavos to 66.50 pesos and its B-shares were down one at 75.50.