RP won't be dumping ground of Japanese toxic wastes, says GMA

Share prices closed 1.1 percent lower yesterday, bucking the trend in most major bourses in Asia, as investors cashed in on a seven-day record-breaking rally, dealers said.

The main index hit new record highs early in the session but profit-taking set in to bring the index back to below the record-breaking 3,500 points level, they said.

The composite index gave up 38.47 points to close at the day’s low of 3,466.56. It hit a new high of 3,517.13.

The broader all-share index fell 13.35 points or 0.6 percent to 2,221.12.

There were 57 decliners and 51 advancers, while 54 stocks were unchanged.

A total of 9.3 billion shares worth P8.4 billion changed hands.

“The index failed to hold the 3,500-point level, triggering a technical correction,” said Rommel Macapagal of Westlink Global Equities.

But he said it could be a healthy adjustment for the market as the pullback created fresh buying opportunities for bullish investors.

Analysts see the market’s initial support level at 3,450 points.

Philippine Long Distance Telephone Co. (PLDT) fell P80 to P2,470.

Food and beverage firm San Miguel Corp.’s A-shares retreated P2 to P67, while its B-shares were also down two at P75.

Investors “are looking for other bargains. They’re looking for issues that are undervalued,” said Nestor Aguila, president at DA Market Capital Securities Inc.

Megaworld Corp., a builder or residential and office buildings, dropped 10 centavos, or 2.4 percent, to P4.10.

San Miguel Corp.’s Class B shares, which allow overseas investors to own the country’s largest food and beverage company, declined P2, or 2.6 percent, to P75.

Metropolitan Bank and Trust Co., the country’s largest lender by assets, climbed P1.50 or 2.3 percent, to P68 on optimism declining interest rates will boost loans. The benchmark seven-year Treasury bond yield fell for the first day in four. Bank of the Philippine Islands, the No. 2 lender, gained 50 centavos, or 0.7 percent, to P70.50.  — AFP