Philippine stocks decline on profit-taking

Profit-taking pulled down the shortened trading week of the Philippine stock market.
The bellwether Philippine Stock Exchange index opened the three- day trading session down by 0.60 percent or 44.36 points to 7,358. 36, while the broader all-share index slipped by 0.37 percent or 16.23 points to 4,320.67.
Trading volume reached 2.06 billion shares worth 23.69 billion Philippine pesos (527.07 million U.S. dollars) with 69 stocks advancing, 111 declining and 44 unchanged.
"Session was ripe for a technical breather given the market's recent ascent," online brokerage 2TradeAsia.com said in its daily stock market comment.