(Source: The Manilla Times)
By Krista Angela M. Montealegre, The Manila Times, Philippines
April 13--PHILIPPINE share prices on Monday succumbed to profit-taking, but the main index managed to stay above the 4,200 level.
At the Philippine Stock Exchange, the composite index lost 13.02 points, or 0.31 percent to 4,227.99, while the broader all-shares index shed 14.81 points, or 0.48 percent to 3,096.60.
Decliners narrowly beat gainers, 60 to 56, while 44 stocks were unchanged. A total of 764.83 billion shares worth P4.66 billion changed hands.
"Local share prices had been strong lately, which put a correction due to profit-taking imminent," said Prince Anthony Yeung of AB Capital Securities Inc.
Ayala Land Inc. and Bank of the Philippine Island, among the leaders of the recent rally, fell 2.38 percent and 2.9 percent, respectively.
Metro Pacific Investments Corp., International Container Terminal Services Inc. and DMCI Holdings Inc. went against the overall market direction and kept the index's losses in check.
Investors are expected to book their gains on stocks that are at their overbought levels, but the index's strength is seen to hold, staying above the 4,200 level.
"Without a catalyst to spur trading activity, volume and value turnover are not expected to differ much from today's numbers," Yeung said.
Most Asian currencies fell Monday as investors continued to worry about soaring oil prices and Japan's struggle to recover, traders said.
The US dollar-peso pair moved sideways, losing 8 centavos to close at 43.08 from 43 when it last traded on Friday.
The currency pair opened at 43 and moved to a high of 43.10 and a low of 43. Total trading volume eased to $451.25 million from $1.461 billion last week.
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