Shares Fall on Profit-Taking
April 26, 2011
The Philippine Stock Exchange Index of 41 selected issues fell 10.89 to 3101.78. Decliners beat gainers 53 to 32, with 78 issues unchanged. The absence of fresh incentives coupled with the overnight fall of the Dow Jones Industrial Average pushed would-be buyers to the sidelines. Heading the decliners was cellular-phone provider Pilipino Telephone, which fell 2.50 pesos to 34 pesos. A slight rise in index heavyweights such as Philippine Long Distance Telephone, which rose 5 pesos to 1,550 pesos, helped minimize the market's losses. The commercial-industrial subindex was off 7.34 to 4204.13 and the property subindex fell 1.45 to 163.28.
