052407: Shares close mixed on profit-taking, PLDT gains

May 24, 2007
Updated 13:07:36 (Mla time)

Xinhua Financial News Service

MANILA, Philippines – (UPDATE) Share prices closed mixed as profit-taking hit banking, property and mining stocks, but investors resumed buying select blue chips including Philippine Long Distance Telephone Co. (PLDT) and San Miguel Corp. after Wednesday’s pullback, dealers said.

The 30-company composite index ended 4.21 points or 0.12 percent higher at 3,470.77, after moving between 3,450.78 and 3,474.54.

The broader all-share index rose 6.30 points or 0.28 percent to 2,227.42.

However, the market's breadth was negative with 55 decliners and 49 advancers, while 67 stocks were unchanged.

A total of 4.38 billion shares worth P5.28 billion were traded.

Dealers noted support for the market was intact at the 3,450 level.

However, they said investors traded cautiously after US stocks fell overnight following former US Federal Reserve chairman Alan Greenspan's reported comments that China's stock market could eventually see a sharp decline after its recent record run.

"There was continued profit-taking as investors keep an eye on the US and China markets," DA Market Securities president Nestor Aguila said.

Top-traded PLDT rose P20 to 2,490.00, tracking the gains in its American Depositary Receipts overnight.

Metropolitan Bank and Trust Co. was down P1 at P67, and Ayala Land fell P0.25 to P15.50.

Food and beverage group San Miguel Corp.'s A-shares rose P2 to 69, while its B-shares advanced P3.50 to P78.50.

($1 = P46.10)

http://services.inquirer.net/express/07/05/24/html_output/xmlhtml/20070524-67763-xml.html