Shares close 0.86 percent lower due to profit-taking

MANILA (AFP) - Philippine share prices closed 0.86 percent lower Monday as investors locked in profits ahead of further share offerings later this month, dealers said.

The composite index fell 32.76 points to 3,753.26, just off the day's low of 3,750.22.

The broader all-share index lost 17.11 points to 2,420.28.

Decliners outnumbered advancers 88 to 42, while 39 stocks ended flat.

A total of 7.5 billion shares worth 6.8 billion pesos (148.99 million dollars) changed hands.

"There was profit-taking as investors prepare to participate in upcoming IPOs (initial public offerings). They need to maintain a certain level of liquidity," said Gomer Tan of Regina Capital Development Corp.

GMA Network, the main rival of listed ABS-CBN Broadcasting, has priced its IPO at 8.50 pesos per share, to raise at least 7.76 billion pesos to fund expansion plans.

The offer starts Tuesday and listing is set for July 30.

Elsewhere in the market, Philippine Long Distance Telephone or PLDT shed 30 pesos to 2,705.

San Miguel A was unchanged at 76.50 while San Miguel B added 50 centavos to 83 pesos.