Friday, August 24, 2007
Shares fall 0.7 percent (5:45 p.m.)
MANILA -- Philippine shares fell in moderate volume Friday, weighed down by lingering concerns over US credit risks and caution ahead of a long weekend.
Markets will be closed Monday for a national holiday.
The 30-company Philippine Stock Exchange Index fell 0.7 percent to 3,206.94 points.
"Investors remain cautious. They view any rise as an opportunity for them to cash in gains," said Ron Rodrigo, head of research at Unicapital Securities.
Despite Friday's retreat, the market was still up 11.2 percent from last week, reflecting its upward momentum, traders said.
"We are not yet out of the woods, but close to its exit," PCCI Securities Brokers Corp. said.
Losers beat gainers 81-34, with 46 issues unchanged.
Bank of the Philippine Islands fell 3.3 percent to P58.50, Ayala Corp. dropped 1.6 percent to P450, and Megaworld Corp. retreated 2.9 percent to P3.30. (AP)
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