Philippines share prices closed 1.2 percent lower on Wednesday as investors cashed in gains from recent sharp rises, dealers said. The composite index fell 33.92 points to 2,721.94 points. The all-share index slipped 0.6 percent to 1,703.20 points.
There were only 26 gainers compared to 63 losers and 51 unchanged stocks. Volume amounted to 1.767 billion shares worth 2.204 billion pesos (49.4 million dollars). The local currency traded at 44.61 to the dollar. "Equity investors appear to be unconvinced that all major concerns have subsided and that corporate earnings and economic growth are headed for a turnaround," Francisco Liboro of PCCI Securities told Dow Jones Newswires.
The sudden strength of the US dollar also meant investors appeared to be "shifting back to dollar-based assets," he said. Index heavyweight Philippine Long Distance Telephone Co (PLDT) fell 1.28 percent to 2,680 pesos while top conglomerate Ayala Corp fell by 0.8 percent to 305 pesos Globe Telecom bucked the trend and rose by 0.4 percent to 1,190 pesos. San Miguel Corp saw its A shares rise by 6.7 percent to 47.50 pesos while its B shares rose 5.55 percent to 47.50 pesos.