Tuesday, October 17, 2006
Shares fall 1.6 percent on profit-taking after 3 sessions of gains (2:15 p.m.)
MANILA -- Philippine shares declined sharply Tuesday as investors locked in gains from previous three sessions.
The benchmark 30-company Philippine Stock Exchange Index fell 1.6 percent at 2,543.48. The index rose 1.05 percent Monday to its highest since May 8.
"Investors just locked in gains made over the past three days, especially since some blue chips are already near 52-week highs," said AB Capital Securities' analyst Erwin Balita.
Among the blue chips that succumbed to profit-taking, Philippine Long Distance Telephone Co. shed 2.4 percent to 2,195 pesos, while rival Globe Telecom lost 1.8 percent at 1,100 pesos. (AP) |
