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Monday, June 09, 2003
Shares close lower (2:19 pm)
MANILA -- Share prices closed 0.70 percent lower Monday on profit taking after recent sharp gains, dealers said.
The Philippine Stock Exchange composite index shed 8.13 points to 1,155.71.
Turnover fell to 313.6 million shares valued at P592.4 million (US$11.17 million) from 369.16 million shares worth P866.8 million.
Fallers outnumbered gainers 33 to 27, while 44 stocks were unchanged.
Brokers said the market was due for further correction this week, but said sentiment was generally upbeat on the back of recent positive economic data.
Monday's decline was a "healthy" correction largely expected following a rally last week, said Lawrence De Leon of Accord Capital Equities.
"It is healthy since this will give other investors a chance to get in," De Leon said.
ATR-Kim Eng Securities research head Andrew Long said the market is still due for further improvement this week, although it is unlikely to repeat last week's gains of more than eight percent in just two days of trade.
He said investor sentiment remains positive on the back of the government's improving revenue collections, stable inflation and first quarter economic growth, which was within the higher end of expectations.
Long said the central bank's easing of its monetary policy -- as manifested by the decision to re-introduce the tiered scheme on overnight borrowing rates -- will further boost trading as more liquidity is freed into the system.
"We had a very strong week last week and everybody expected that a correction was imminent. But I should say the correction is healthy since (today's) profit-taking is relatively smaller compared with the market's sharp rise last week," Long said.
Globe Telecom was the day's top traded issue, losing P10 to P615, followed by Bank of the Philippine Islands which shed one peso to P44.50.
Ayala Corp. lost 15 centavos to P4.50 while unit Ayala Land Inc. shed 10 centavos to P5.60. Philippine Long Distance Telephone was unchanged at P462.50. AFP
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