Philippines share prices closed 1.06 percent lower on Tuesday as the market corrected from an upturn the previous day, dealers said. The composite index fell 24.94 points to 2,309.68 while the all-shares index fell 0.83 percent to 1,504.87. There were 23 gainers, 87 losers and 55 stocks unchanged. Volume totalled 1.7 billion shares worth 2.26 billion pesos (48.06 million dollars).
The local currency traded at 47.289 to the dollar from 47.17 at the close of the previous day. "It looks like a natural correction," said Spencer Yap of BPI Securities Inc. "It is still not certain if the correction will hold. The trading pattern has been up one day and down the other," he told AFP. Filinvest Land Inc was down 4.1 percent to 70 centavos, while Globe Telecom fell 0.54 percent to 905 pesos. Megaworld Corp fell 3.19 percent to 91 centavos but SM Investments Corp bucked the trend to rise 0.94 percent to 267.50 pesos.