MANILA, Philippines (Xinhua) - Profit takers pulled down the Philippine market today on lack of leads.
The bellwether Philippine Stock Exchange index lost 0.27 percent or 11.67 points to 4,209.42, while the broader all-share index managed to finish the session 0.03 percent or 0.90 of a point higher to 2,915.52.
Trading volume reached 769 million shares worth P3.97 billion ($91.05 million) with 83 issues declining, 50 advancing and 44 were unchanged.
Of the six counters, only the holding firm sector bucked the trend.
"For most of this week the local stock market has hovered around the 4,200 mark. While trading activity was strong during the first three days of this week, it flattened on Thursday," Prince Anthony Yeung, an analyst of AB Capital Securities, Inc., said in his daily stock market comment.
Yeung said investors have been largely selective with the issues that they want to keep. Stock price oil refiner Petron Corp. for instance jumped by 6.97 percent after conglomerate San Miguel Corp. announced that it plans to increase its stake in Petron.
Meanwhile, stock price of IP Converge closed flat. The company debuted in the local exchange on Thursday, making it the third initial public offering this year after budget airline Cebu Pacific Air and mining firm Nickel Asia.
"Investors retreated from their buying position (on Thursday and booked their gains) given the overbought condition of the market with little compelling leads in the local scene to spur a strong breakout above key resistance level at 4,222," DBP-Daiwa Securities, Inc. said.
Philippines' losing performance bucked the overall positive mood among other Asian markets. DBP-Daiwa Securities said it is possible that the local central bank's report that loan growth slowed down to 8.4 percent year-on-year in October affected investors' sentiment.
"On Friday, we might see more of the flat movement we've seen the from the market this week. The bias is for the local exchange is to trek lower as investors take profit ahead of the weekend," Yeung said.
Stocks in the 30-company index closed mixed. Among those that extended their declines are Alliance Global Group, Inc., Manila Electric Co. and Aboitiz Corp.
Holding firm Ayala Corp. and its property unit Ayala Land, Inc. meanwhile ended positive.
