Thursday, March 08, 2007
Shares drop as investors cash in on gains (4:40 p.m.)
MANILA -- Philippine shares dropped Thursday as investors, prompted by Wall Street losses overnight, cashed in on gains from the previous session.
The benchmark 30-company Philippine Stock Exchange Index shed 34.89 points, or 1.1 percent, at 3,028.37, after gaining 3 percent Wednesday.
Citiseconline head of research April Lee-Tan said investors were still jittery about lingering risk aversions after last week's massive sell-off, which pulled down the index 7.9 percent, or 263.84 points -- the single biggest point -- loss in one trading day.
"But nothing has changed in the country's positive fundamentals," she said, adding that for now, "the market's outlook would still be dependent on the US market's performance."
Philippine Long Distance Telephone Co. was the most active, off 3 percent at P2,300 on profit-taking.
Mining stock GEOGRACE Resources Philippines Inc. fell 10 percent to P1.44, also on profit-taking.
Decliners led gainers 77 to 32, while 44 stocks were unchanged. (AP) |
