PHILIPPINE share prices on Wednesday fell slightly as investors booked their profits, particularly on Philippine Long Distance Telephone Co. (PLDT).
At the Philippine Stock Exchange, the composite index lost 8.94 points, or 0.20 percent to 4,366.45, while the broader all-shares index rose 2.3 points, or 0.08 percent to 3,014.02.

Gainers beat losers, 80 to 63, while 44 stocks were unchanged. A total of 7.26 billion stocks were traded. Value turnover rose significantly to P18.18 billion following a special block sale of Manila Electric Co. shares worth P13 billion.

Index heavyweight PLDT led the drop of the benchmark index, losing 3.29 percent to close at P2,350.

“PLDT was lower today due to its cash dividend. Stocks typically decline on the ex-date of their cash dividends as the ex-date is the first day investors can sell the stock and still receive the cash dividend,” said Prince Anthony Yeung of AB Capital Securities Inc.

The PSE index ignored the positive sentiment from the rise in Wall Street and mirrored the general weakness in Asian stocks, dragged by Moody’s credit downgrade of Japan.

The Dow Jones Industrial Average had its best day since August 11, jumping 322 points, or 3 percent to 11,176.76.

“Concerns on the global economy tend to pain the sentiment. Now it’s Japan and the other economies being affected by a stronger currency,” said Astro del Castillo, managing director at First Grade Finance Inc., adding that trading is expected to remain subdued for the rest of the week ahead of a long weekend.

“The market remains in consolidation as we face these risks. This volatility will remain until a clear direction of the global economy will be seen,” del Castillo added.

Asian currencies also were muted Wednesday following Moody’s downgrade of Japan’s credit rating and weak US home sales figures.

At the Philippine Dealing System, the peso shed 15 centavos to close at 42.475 against the US dollar from 42.325 the previous trading day.

The dollar-peso pair opened at 42.280 and moved to a high of 42.475 and to a low of 42.260.

Total trading volume went up to $825.030 million from $718.240 million the previous trading day.
The currency pair is expected to trade within the 42.200 to 43.100 range this week.

With report from Lailany P. Gomez