MANILA, Philippines (AP) - Philippine shares released some steam Wednesday, snapping a five-day winning streak and closing mixed as investors cashed in recent gains in select blue chips.
But even as the main index closed lower, analysts noted the market still showed relative strength as gainers outnumbered decliners 41 to 30. There were 33 issues unchanged.
The 30-company Philippine Stock Exchange Index closed 11.49 points, or 0.9 percent, lower at 1253.02 after surging 58.98 points to close Tuesday at 1264.51 - its highest level in a year.
The broader All Shares Index still rose 1.41 points to 756.84, adding to the 20.27 points it gained Tuesday.
"This correction is a bit overdue,'' Chelsea Dipasupil, research manager at RCBC Securities, told Dow Jones Newswires.
Spencer Yap, assistant vice president for research, said the market has been at overbought levels and needed to consolidate its gains.
In the past five trading days to Tuesday, the local stock market advanced over 9 percent on a steady stream of foreign funds.
Philippine Long Distance Telephone Co., which led the market rally in recent days due to its rosy earnings outlook, succumbed to profit-taking, closing 3.7 percent lower at 525 pesos.
Bank of the Philippine Islands, Ayala Corp. and Globe Telecom, all index heavyweights, also retreated due to profit-taking.
BPI lost 4.9 percent to 48.50 pesos, Ayala Corp. declined 3.9 percent to 5 pesos, while Globe slipped 0.8 percent to 650 pesos.
Other blue chips such as oil refiner Petron Corp. and Metropolitan Bank and Trust Co. still advanced, which some traders said is a sign that funds are just being shifted to other stocks and not being taken out of the market altogether. - AP