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LOCAL shares closed lower on Thursday on profit-taking following a
rise earlier in the week, dealers said.
The composite index fell 30.91 points to
2,450.62. The all-share index slipped 0.97 percent to 1,550.09
points.
Only 38 stocks advanced, compared with 58
decliners and 45 that were unchanged.
Turnover amounted to P1.55 billion compared with
P1.918 billion on the previous day.
The peso closed at 45.570 to the US dollar,
slightly weaker than Wednesday’s 45.550 finish, with volume
likewise falling to $555.850 million from $731.800 million
previously.
“You had several days of upturns. The decline
today is due to profit-taking,” said George Ching of Citiseconline.
The announcement that exports grew by only 2.3
percent in May did not have a major effect on the market.
“It is low but people were not expecting very
good numbers anyway,” said Ching.
However, he warned that the Philippine market
remained at the mercy of global developments, particularly oil price
movements.
Philippine Long Distance Telephone Co. fell 1.4
percent to P2,435.
Ayala Corp. slipped 3.5 percent to P272.50 while
its real-estate arm, Ayala Land Inc., dropped 2.1 percent to P9.30.
San Miguel Corp. saw its A shares, available
only to Filipinos, fall 1.2 percent to P40. Its B shares, which are
available to foreigners, were unchanged at P41.
-- AFP
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