Profit-taking pulls stocks lower


Posted at Feb 10 2009 12:57 PM | Updated as of Feb 11 2009 03:51 AM

Philippine share prices closed 1.7 percent lower on Tuesday due to profit-taking following a week of gains on the market, dealers said.

The composite index fell 33.89 points to 1,917.57 while the all-shares index fell 0.9 percent to 1,235.49 points.

Volume amounted to 2.746 billion shares worth P1.82 billion ($38.6 million).

The local currency traded at 47.108 to the dollar.

"It's profit-taking," said Manny Cruz of Asiasec Equities Inc.

"We have been trekking on higher ground for several days. The correction in the US market has provided compelling reasons for investors to cash out," he added.

"People are still waiting for the US stimulus package," to be passed before buying into the market, Cruz added.

The Manila Electric Co. bucked the trend to rise by 2.04 percent to P75 while Philippine Long Distance Telephone Co. fell 2.4 percent to P2,210.

Ayala Corp. fell 3.3 percent to P202.

San Miguel Corp. saw its A shares rise 3.75 percent to P41.50 while its B shares rose 4.87 percent to P43.