Monday, January 08, 2007
Shares decline after recent rally, Wall Street's drop (5:20 p.m.)
MANILA -- Shares dropped Monday on Wall Street's retreat and profit-taking after the market climbed to its highest level in nearly a decade last week.
The benchmark Philippine Stock Exchange Index shed 44.07 points, 1.5 percent, at 2,952.32, adding to Friday's 0.5 percent loss.
"I guess investors may wait for better discounts before heading back to Asia-Pacific markets," said DA Market Securities President Nestor Aguila.
On Friday, the Dow Jones industrial average dropped 82.68 points to 12,398.01 - the biggest one-day decline since November 27.
Blue chips dominated trading, among them, Ayala Land, off 1.6 percent at P15.50, and Philippine Long Distance Telephone Co., down by 2.2 percent at P2,450.
Mall operator SM Prime lost 2.1 percent at P11.50.
Decliners led gainers 83 to 36, while 42 stocks were unchanged. (AP) |
