Shares Fall After Rally
May 09, 2011
The Philippines Stock Exchange Index of 41 selected issues fell 13.91 to 3196.39. Volume was 10.69 billion shares valued at 1.763 billion pesos. Losers outnumbered winners 54 to 45, while 70 issues were unchanged. In contrast, however, were Ayala Land Class B shares, which climbed 50 centavos to 33.00 pesos on volume valued at 112 million pesos. With foreign investors cutting back on purchases, local investors focused on speculative third-tier oil stocks. Basic Petroleum & Minerals shot up 0.05 centavo to 1 centavo on news that a group drilling a well in central Philippines, in which Basic has a 3% stake, had found traces of gas. Shopping-mall developer Uniwide Holdings rose 10 centavos to 5.40 pesos on news one of its units will be developing the public market in the northern resort city of Baguio into a shopping and entertainment complex. Among the blue chips hit by profit-taking were Manila Electric Class B shares, down 2 pesos to 203 pesos, and Philippine Long Distance Telephone, down 20 pesos to 1,555 pesos after its Cornertown dropped Monday. Oil refiner Petron lost 25 centavos to 10.25 pesos. The commercial and industrial subindex fell 0.8%, while the property subindex gained 0.6%. The mining subindex added 1.4%, and the oil sector shot up 4.0%.
