Profit-Taking Starts After Rally
May 08, 2011
The Philippine Stock Exchange Index of 41 selected issues dropped 16.16 to 3210.30. Losers outnumbered gainers 67 to 34, while 78 issues were unchanged. Volume was 17.26 billion shares valued at 2.47 billion pesos. After moving up 13% in the past three trading sessions, shares of Filinvest Land lost 40 centavos to 9.40 pesos on volume worth 46 million pesos. Dragging down the index was the 20-peso drop incurred by Philippine Long Distance Telephone, which closed at 1,575 pesos. The company's New York shares fell $1 to $59 on Friday. Also succumbing to profit-taking were shares of Universal Rightfield Property Holdings, which shed 15 centavos to 3.90 pesos, and Davao Union Cement Class B shares, which dropped 10 centavos to 9.70 pesos on 314.6 million pesos worth of volume. The Class B shares of blue-chip electricity provider Manila Electric also gave up 2 pesos to 205 pesos, with some 32.1 million pesos worth of shares changing hands. The commercial-industrial sector fell 0.6%, as did the property sector. The mining sector, however, gained 1.4%, while the oil sector rose 0.3%.
VastPress 2011 Vastopolis
