May 23, 2007
Updated 13:03:06 (Mla time)
(UPDATE) MANILA, Philippines -- Share prices closed lower, bucking the trend in most major bourses in Asia this morning, as investors decided to pocket their gains following a seven-day record-breaking rally, dealers said.
The main index hit new record highs early in the session but profit-taking
eventually emerged, dragging the index back to below the record-breaking 3,500 points level, they said.
At the close, the 30-company composite index was down 38.47 points or 1.1 percent, at the day's low of 3,466.56, off a new high of 3,517.13.
The broader all-share index fell 13.35 points or 0.6 percent to 2,221.12.
There were 57 decliners and 51 advancers, while 54 stocks were unchanged.
A total of 9.3 billion shares worth P8.4 billion hanged hands.
"The index failed to hold the 3,500-point level, triggering a technical correction," Westlink Global Equities chairman Rommel Macapagal said.
However, he said it could be a healthy adjustment for the market as the pullback creates fresh buying opportunities for bullish investors.
Analysts see the market's initial support level at 3,450 points.
Philippine Long Distance Telephone Co fell P80.00 to 2,470.00.
Food and beverage firm San Miguel Corp's A-shares retreated P2.00 to 67.00, while its B-shares were down 2.00 at 75.00.
However, banking and mining stocks were in favor, with Metropolitan Bank & Trust Co up P1.50 at 68.00 while Philex Mining Corp rose 0.30 to 6.00.
http://services.inquirer.net/express/07/05/23/html_output/xmlhtml/20070523-67528-xml.html
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