(Update) RP shares reverse gains on profit-taking

abs-cbnNEWS.com, AFP

Posted at Mar 06 2009 12:49 PM | Updated as of Mar 06 2009 09:53 PM

Philippine shares fell 0.2 percent on Friday as the market consolidated after a two-day rally, dealers said.

The composite index slipped 4.14 points to 1,920.16 points while the all shares index fell by 0.08 percent to 1,232.87 points.

There were 17 gainers, 65 losers and 31 unchanged.

Turnover amounted to 1.198 billion shares worth P3.744 billion ($76.8 million).

The local currency at midday traded at 48.743 to the dollar compared to 48.599 on Thursday.

"The market is consolidating within a tight range, between 1,880 to 1,940," said Allan Araullo of Regina Capital Development Corp.

"Some punters are taking profits," he said, remarking "for the past two weeks, the market has been moving within a tight band. Hopefully, it is building a base for an eventual rally."

Philippine Long Distance Telephone Co. (PLDT) dropped 0.8 percent to 2,290 while Ayala Corp. fell 0.5 percent to 195.

San Miguel Corp. saw its A shares fall 1.11 percent to 44.50 while its B shares gained 1.12 percent to 45.

Power retailer Manila Electric Co. (Meralco) bucked the trend and continued its winning streak, ending up P14 or 12.5 percent at P126.

A group led by PLDT top honcho Manuel V. Pangilinan has been rumored to be accumulating shares in Meralco in preparation for a likely boardroom battle.