052607: Shares close lower on profit-taking

May 25, 2007
Updated 20:22:45 (Mla time)

Agence France-Presse

MANILA, Philippines -- Share prices are expected to undergo a correction next week amid caution after former Federal Reserve chairman Alan Greenspan's warning on China's rapidly rising stocks, dealers said Friday.

"We might see share prices slide a little," said Jose Vistan of AB Capital Securities.

"I think the markets globally are in a similar mood of going through a technical correction especially after the warning by Alan Greenspan regarding the Chinese market," he said.

"China, in particular, is doing very well but anything that goes up too fast too soon is prone to correction," said Rommel Macapagal of Westlink Global Equities, adding local investors are still "firming their position."

For the week to May 25, the composite index fell 7.42 points or by 0.22 percent to 3,441.76.

Average daily volume this week rose to 6.20 billion shares but value fell to $6.28 billion ($135.52 million) from 3.69 billion shares worth $6.33 billion in the previous week.

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