Shares close 0.62 percent lower due to blue-chip selling

MANILA (AFP) - Philippine share prices closed 0.62 percent lower Tuesday, with investors unloading blue chips for the third-straight session, dealers said.

They said geothermal power producer PNOC Energy Development Corp was in demand, attracting interest following a secondary offering by its parent, state-owned Philippine National Oil Co (PNOC), which raised 17.1 billion pesos.

The composite index was down 23.09 points at the day's low of 3,720.96 on volume of 6.8 billion shares worth 22.6 billion pesos (491.30 million dollars).

There were 73 losers and 43 gainers, while 61 stocks were unchanged.

"Investors need cash for the upcoming IPOs, today being the last day for the payment of subscriptions to Aboitiz Power's IPO.
Investors are also preparing for GMA Network's stock offer," said Nestor Aguila of DA Market Securities.

Trading in the shares of fuel retailer Phoenix Petroleum Philippines was scheduled to begin Wednesday, and shares in Aboitiz Power Corp are set to debut on Monday.

Shares in broadcaster GMA are set to be listed on July 30.
PNOC-EDC, the most actively traded stock, jumped 70 centavos to 6.40 pesos.

The Philippine government intends to sell another 40 percent stake in PNOC-EDC within the year to raise revenue to help cover shortfalls in tax collection in the first half.

Among blue chips, market leader Philippine Long Distance Telephone or PLDT was down 15 pesos at 2,660, while mall operator SM Prime Holdings fell 50 centavos to 12.50 pesos.

A shares of San Miguel Corp. fell 50 centavos to 75 pesos while B shares were unchanged at 83 pesos.