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Monday, February 12, 2007
Shares slip on profit-taking (1:33 p.m.)
MANILA -- Philippine shares declined Monday as investors locked in profits from last week's gains.
The 30-company Philippine Stock Exchange Index dropped 11.65 points, or 0.4 percent, at 3,234.16, after rising 1.6 percent Friday.
The profit-taking may have been stoked by a renewed concern over a possible rate hike by the US Federal Reserve, said BPI Securities assistant vice president Spencer Yap.
Philippine financial markets will be watching closely Federal Reserve Chairman Ben Bernanke's testimony later this week. Any change in US interest rates may impact local interest and exchange rates.
Philippine Long Distance Telephone Co. was the most active, off 1.2 percent at P2,520 following the 0.3 percent loss in the company's American depository receipts in New York.
The PLDT also lost on concerns over 2006 earnings, after its rival Globe Telecom Inc. last week reported lower-than-expected 2006 gains.
Globe was down 0.4 percent at P1,355.
Filinvest Land shed 3.3 percent at P1.76 on profit-taking after the housing concern's successful listing last week to cap a recent share offer.
Decliners led advancers 56 to 50, while 54 stocks were unchanged.(AP) |
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