Wednesday, May 23, 2007
Shares drop after reaching record highs (2:30 p.m.)
MANILA -- Philippine shares slid Wednesday after reaching record highs, as investors locked in profits in Philippine Long Distance Telephone Co. and other recent gainers.
The benchmark 30-company Philippine Stock Exchange Index lost 38.47 points, or 1.1 percent, at 3,466.56, following the market's seven percent rise since early May.
"Investors have waited for this time to come to take advantage of the recent gains we've had," said Accord Capital Equities analyst Lawrence de Leon.
PLDT declined 3.1 percent to P2,470, while property developer Megaworld Corp. was lower by 2.4 percent at P4.10.
Decliners outnumbered advancers 57 to 51, while 54 stocks were unchanged.(AP) |
