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MANILA - (UPDATED 4:12 p.m.) Philippine share prices on Friday succumbed to profit-taking, bringing the benchmark index just a few points above the 5,200 level ahead of the long weekend.
At the Philippine Stock Exchange, the composite index shed 12.70 points or 0.24 percent to 5,206.81.
The financials, services and property counters finished in negative territory, dragging down the index.
Market breadth was positive, as advancers outnumbered losers, 77 to 68, while 40 stocks were unchanged. A total of 1.38 billion stocks worth P5.04 billion changed hands.
"It's the ghost month and the long weekend contributed to a listless market. Nobody would like to invest on a long weekend," said Astro del Castillo, managing director of First Grade Finance Inc.
Financial markets will be closed on Monday and Tuesday because of the Feast of Ramadan and Ninoy Aquino Day, respectively.
The local market ignored the gains in overseas markets. The Dow Jones Industrial Average rose 85.33 points, or 0.70 percent, to 13,250.11 after German Chancellor Angela Merkel pledged to keep the euro zone together.
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