(UPDATE) Bourse closes lower on profit taking

MANILA, Philippines (Xinhua) - The stock market ended its four-day rally on Thursday on the back of profit taking even after the US equities' rally Wednesday.

The bellwether Philippine Stock Exchange index retreated by 0. 83 percent or 60.90 points to 7,299.85, while the broader all-share index lost 0.63 percent or 26.97 points to 4,287.90.

Trading volume reached 1.74 billion shares worth P7.1 billion ($159.05 million) with 110 stocks declining, 67 advancing, and 46 were unchanged.

Analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment that some investors are hesitant keeping their money in the local equities.

"Some may be hesitating given the relatively high valuations with the market sustaining PE's of above 20x and aggregate year-to- date gains of over 20 percent," he said.

Other analysts, however, are hopeful that Thursday's rally is only temporary.

Some investors may place their bets ahead of jobs data in the U. S., which is expected to increase by 230,000, said 2TradeAsia.com.

"Barring any adverse surprises, momentum in property could remain a bright spot, following various firms' indications of healthy prospects for the sector," 2TradeAsia.com said.

Dow Jones industrial average index closed Wednesday's session at record high amid encouraging economic reports.

The Dow Jones industrial average index gained 0.18 percent or 33.07 points on Wednesday.

Stocks in the 30-company index closed mixed. Among those picked up were Metropolitan Bank and Trust Co. and Ayala Land, Inc. Stocks that were sold down were BDO Unibank, Inc. and heavyweight Philippine Long Distance Telephone Co..