Shares tumble on profit taking

MANILA, Philippines (Xinhua) - Profit taking pulled down the stock market today.

The bellwether Philippine Stock Exchange index slipped by 0.62 percent or 44.70 points to 7,170.65. The broader all-share index tumbled by 0.22 percent or 10.05 points to 4,479.95.

Trading volume reached 3.7 billion shares worth P8.76 billion ($214.52 million) with 78 stocks advancing, 95 declining, and 48 unchanged.

All six counters were down.

"The composite index cut its 6-day record-setting rally today as it fell off the 7,200-level, succumbing to profit taking late in the session," DBP-Daiwa Securities, Inc. said.

The brokerage noted that the composite index was already trading positively for most of the day and was moving against the general downward trek of the Asian markets.

The rally was brought about by the positive US job report which fueled the initial rally of the local equities to a record high of 7,284.34.

The successive rallies of the local equities during the past sessions, however, was too much and by the final bell, profit takers lorded over the market.

Among the victims of the sell-off were SM Investments Corp., Alliance Global Group, Inc., and Metropolitan Bank and Trust Co.