InterAksyon.com means BUSINESS
MANILA, Philippines - (UPDATED 4:56 p.m.) After hitting a new record high the previous day, the Philipppine Stock Exchange composite index gave up 49.92 points to close lower at 5,169.05 on Friday.
Total shares traded reached 1.97 billion worth P5.82 billion, with 87 stocks on the losing side, 73 advancing and 51 unchanged.
Gainers were led by Pancake House Inc., PNOC-Exploration Corp. and Forum Pacific Inc. Top losers include Global Port 900 Inc., Easycall Communications Phils. Inc. and Philex Petroleum Corp.
Jun Calaycay of Accord Capital Equities Inc. said momentum had dissipated, inviting more profit taking as the market closed for the weekend.
'These pull backs should be viewed with caution. Rumor-driven advances meet resistance as confirmation or non-confirmation arises," he said.
The analyst said the market remains an earnings play and investors are positioning ahead the first-quarter earnings cycle.
Asian stocks also fell as the cut in Spain's credit rating gave investors the jitters, ignoring the better-than-expected earnings of major companies in the region.
At the Philippine Dealing System, the peso strengthened to 42.370 against the US dollar from Thursday's close of 42.530 to the greenback. Trading volume reached $676.75 million, slightly higher than $654.88 million the day before.
InterAksyon.com means BUSINESS
BUSINESS NEWS
