Shares close 0.63 percent lower due to profit-taking

MANILA MANILA (AFP) - Philippine share prices closed 0.63 percent weaker Tuesday as investors continued to grab profits from recent gains, dealers said.

The composite index was down 23.58 points to 3,729.68, off the day's low of 3,705.92. The all-share index fell 12.80 points or 0.53 percent to 2,407.48.

Losers outpaced gainers, 91 to 31, while 63 shares were unchanged.

A total of 4.3 billion shares worth 4.7 billion pesos (102.17 million dollars) changed hands.

"Investors continued to cash in their gains in preparation for the next round of IPOs," said Astro del Castillo of First Grade Holdings Inc.

"Technically the market also needs to correct, after hitting a new record high last week," he said.

Aboitiz Power Corp., the most actively traded stock, fell 30 centavos to 5.50 pesos.

Analysts said Aboitiz Power's lackluster debut on Monday would make investors more circumspect about the valuations of other companies offering their shares to the public.

Among the upcoming offerings, GMA Television's IPO has attracted strong foreign investor interest, prompting the company to price its offering at 8.50 pesos per share, the top end of its indicative price range.

Philippine National Bank also begins its international roadshow this week for a follow-on offering, while property developer Vista Land Lifescapes Inc has also scheduled a stock offering before the end of this month.

Market heavyweight Philippine Long Distance Telephone Co. was down five pesos at 2,700.

Ayala Land Inc, the nation's biggest property developer, recovered in late trade after early losses and closed 25 centavos higher at 18 pesos.

Bank of the Philippine Islands was down two at 69.50, but mall operator SM Prime Holdings Inc. rose 50 centavos to 13.50 pesos.

San Miguel A shares were down 1.50 at 75 while San Miguel B was down 50 centavos at 82.50 pesos.