Shares slip 0.1 percent as investors cash in gains
MANILA, Philippines (AP) - Philippine shares dipped Friday as investors pocketed gains from this week's rally ahead of the central bank's meeting to decide whether to cut interest rates.
The 30-company Philippine Stock Exchange dropped 4.61 points, or 0.1 percent, at 3,572.90, after advancing 8.7 percent in six out of the past seven sessions.
"In early trade, we saw buying interests being sustained as investors window-dress their third quarter portfolios. But towards the close, some felt it was time to lock in gains," said Unicapital Securities research head Ron Rodrigo.
He anticipated profit-taking will continue over the next week, ahead of the central bank's rate-setting meeting on Thursday.
Conglomerate Alliance Global Group Inc. was the most active, surging 5 percent at 5.20 pesos.
Property developer Megaworld Corp. jumped 3 percent at 3.45 pesos, while Metropolitan Bank & Trust Co. rose 1.8 percent at 56 pesos.
Philippine Long Distance Telephone Co. succumbed to profit-taking from record highs, falling 1 percent at 2,910 pesos.
Bank of the Philippine Islands lost 1.5 percent at 66.50 pesos, and Ayala Land Inc. retreated 1.5 percent at 16.25 pesos.
Gainers led decliners 56 to 54, while 55 stocks were unchanged.
- Latest
- Trending
