Wednesday, August 22, 2007
Stocks fall 0.9 percent (5:30 p.m.)
MANILA -- Philippine stocks fell Wednesday in light volume on mild profit-taking after a sharp rise the previous day.
The 30-company Philippine Stock Exchange Index closed 0.9 percent lower at 3,139.46 points, down from 3,267.52 Tuesday following a 9.8-percent surge - the biggest single-day rise in more than six years.
"Market volatility is still there. Investors are not yet over their fears," said April Lee Tan, head of research at Citiseconline. She said jittery investors quickly cashed in gains, while others were selectively bargain-hunting.
"We're not discounting the possibility of a retest of the recent low as people who bought at that level could take profit," Tan said.
Decliners led gainers 51-47 with 50 issues unchanged.
Property firm Ayala Land Inc. fell 3.6 percent to P13.50 after Tuesday's 5.7 percent advance. SM Prime Holdings Inc. declined 4.7 percent to P10.25.
Utilities extended their rise, led by Manila Electric Co. B shares, up 3.3 percent at P93. First Philippine Holdings Corp. rose 2.7 percent to P75, and Petron Corp. gained 4 percent to P5.20.
The peso strengthened against the US dollar Wednesday in heavy volume. Some banks sold dollars to take profit from the currency's recent appreciation.
The dollar closed at 46.47 pesos, down from 46.90 pesos Tuesday. (AP)
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