Shares Fall on U.S. Loss
March 28, 2011
The Philippine Stock Exchange Index fell 48.99 to 3199.32, following Monday's 35.21-point rise. Traders said the market took profits on key issues that had gained in Monday's uptick. Leading the stocks that succumbed to profit-taking was property developer Universal Rightfield Properties Holdings, which shed 7.45% or 35 centavos to 4.35 pesos apiece in trading of 84.3 million shares. Layne Cahill, a trader for Abacus Securities Corp., said investors were busy cutting losses for most of the session. Those who had bought URPHI shares felt the time was right to cash in on gains made on the stock and then stay on the sidelines until the market stabilizes, he said. Mr. Cahill said that although URPHI had a spectacular run-up in past trading sessions, investors no longer feel confident that it is sustainable.
