PH shares fall from record highs

Posted at 07/04/12 6:32 PM

MANILA, Philippines -- Philippine shares fell on Wednesday, bucking a regional rise, as investors cashed in record gains made in the previous day's rally.

The Philippine Stock Exchange Index (PSEI) settled at 5,354.72, down 0.2% or 10.98 points off its all-time high yesterday.

It was the PSEI's first decline in three days.

The All Shares Index also fell 0.1% or 3.49 points to close at 3,502.85.

All sub-indices ended in the red, except for holdings firms, which inched up a scant 0.01% to close 4,4562.91.
Most Asian stocks climbed on Wednesday supported by speculation that China and the United Kingdom will take steps to boost their economies.

According to Accord Capital, there was a lack of lead for Philippine share prices to go up further with Wall Street closed for the July 4 Independence Day holiday.

Among individuals stocks, SM Prime Holdings Inc. was down 1.5%, while Metrobank fell 1.6%.

Only 75 stocks advanced compared to 94 decliners, while 34 remained unchanged.

Meanwhile, at the foreign exchange market, the peso was also off its four-year high against the U.S. dollar.

It closed at 41.83 to the dollar, weaker by 11 centavos. -- ANC