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Philippine share prices closed down 0.9 percent Friday in a
technical correction after rising 5 percent in the previous two
sessions, dealers said.
The composite index gave up 23.19 points to
2,512.72, while the all-shares index lost 13.40 points to 1,580.89.
Decliners beat advancers 58 to 40, with 48 other
issues unchanged.
Turnover fell to P1.9 billion ($43 million) from
P2.934 billion on Thursday.
The peso traded at 44.247 to the dollar.
Nestor Aguila of DA Market Securities said the
market was technically due for correction after gaining 5 percent
over the past two sessions.
He put the support level at 2,430 points but
added that external developments would provide the cue next week.
“Would the market go up ahead of the
President’s State of the Nation address? The [Monday speech to
Congress] may matter, but as in recent sessions, what would matter
most will be the price of oil,” Aguila told Dow Jones Newswires.
Property and banking sectors led the retreat
with Megaworld off 1.4 percent to P1.44 while Metropolitan Bank
dropped 4.2 percent to P34.50.
San Miguel Corp. B shares were 2.3 percent lower
at P42.50 while its A shares were unchanged, also at P42.50.
-- AFP
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