Roundup: Philippine stocks close lower Thursday on profit taking

(TradingMarkets.com)

 The Philippine market failed to hold on to the 3,000 territory on Thursday after investors decided to book their gains after the local equity's six-consecutive rally.

The bellwether Philippine Stock Exchange

index retreated by 0. 62 percent or 18.73 points to 2,999.94, while the all share index lost 0.24 percent or 4.74 points to 1,903.40.

Only few investors participated resulting to a thin volume of only 790 million shares worth 2.16 billion pesos (46.75 million U. S. dollars). Foreign buyers nonetheless beat sellers 918 million pesos (19.87 million U.S. dollars) versus 640 million pesos (13.85 million U.S. dollars), respectively.

Profit takers dominated buyers 68 to 41 while 53 issues were unchanged.

Of the six counters, only the property counter bucked the decline. Mining and oil issues meanwhile lost the most, going down by 2.45 percent or 246.97 points to 9,820.12.

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