Tuesday, November 14, 2006
Shares fall 0.7 percent on profit-taking (4:40 p.m.)
MANILA -- Shares declined for the second straight session Tuesday on profit-taking after the market's recent rally to a nine-year high.
The benchmark 30-company Philippine Stock Exchange Index dropped 20.13 points, or 0.7 percent, at 2,801.79, adding to Monday's 0.6 percent loss.
"I think more than half the earnings reports have already come out so there are less drivers for the market to go up, and I think some investors are using this as an excuse to take profit," said AB Capital Securities research director Jose Vistan.
Philippine Long Distance Telephone Co. was the most actively traded, down 2.8 percent at P2,450 following the 2.1 percent drop in the company's American depository receipts overnight.
Conglomerate Ayala Corp. shed 2.9 percent at P505.
Philex Mining gained 2.3 percent at P4.50 on strong third-quarter earnings and a recent cash dividend declaration.
There were 48 advancers and 48 decliners, while 60 stocks were unchanged. (AP) |
