PHILIPPINE shares closed lower yesterday on profit taking following a rise earlier in the week, dealers said.
The Philippine Stock Exchange index fell 1.25% or 30.91 points to 2,450.62. The all-share index slipped 0.97% or 15.16 points to 1,550.09 points.
Only 38 stocks advanced, compared to 58 decliners and 45 that were unchanged.
Turnover amounted to P1.56 billion compared to P1.83 billion the previous day.
"You had several days of upturns. The decline [yesterday] was due to profit taking," said George Ching of CitisecOnline.
The announcement that exports grew by only 2.3% in May did not have a major effect on the market.
"It was low but people were not expecting very good numbers anyway," said Mr. Ching.
However, he warned that the Philippine market remained at the mercy of global developments, particularly oil price movements.
Other dealers said Philippine share prices dove when Wall Street tumbled.
"The market was pulled down by Wall Street over persistent concerns over oil prices," said Claire S. Quiray of Accord Capital Equities Corp.
Read the rest of the news at Businessworld
Friday, July 11, 2008
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