(UPDATE) Stocks close lower on extended profit taking

MANILA, Philippines (Xinhua) - The stock market fell for the fifth day today on extended profit taking.

The bellwether Philippine Stock Exchange index lost 0.56 percent or 40.61 points to 7,161.27, while the broader all-share index fell by 0.47 percent or 20.05 points to 4,239.64.

Trading volume reached 1.03 billion shares worth P6.19 billion ($139.85 million) with 108 stocks declining, 66 advancing, and 46 were unchanged.

"Obviously, the rally that had propelled the index close to its all-time record high has ran out of steam as fresh negatives have surfaced and still a bit more lie on the horizon," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Investors, he said, are currently rebalancing their portfolio as investors weigh in on the recent adjustment of interest rates.

Prospects of similar tightening in the United States and a question of injecting more stimulus in Europe and China have also started to attract investors' attention.

"If it is any consolation to local investors, the market actually made an early attempt to break the losing streak," Calaycay said.

Stocks in the 30-company index closed mixed. Among those picked Metropolitan Bank and Trust Co., Ayala Corp., as well as Puregold Price Club, Inc.