Bourse close lower on lack of positive leads

MANILA, Philippines (Xinhua) - Philippine shares closed 0.15 percent lower today on profit taking and lack of positive leads.

The benchmark Philippine Stock Exchange index slipped by 11.55 points and settled at 7828.94, while the broader all-share index shed 10.96 points, or 0.24 percent, to 4526.82.

Trading volume reached 1.80 billion shares worth P9.80 billion ($218.64 million).

There were 68 gainers, 112 losers while 44 stocks closed flat.

"Obviously, the market's failure to sustainably close above the 7850-60 marks results mainly from the drying up on the buy side rather than an increase in selling activity," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Calaycay said foreigners have already built up their position and are starting to slowdown as shown by the net daily average of foreign transactions.

Likewise, a volatile Dow Jones industrial average index and the general sell-off among Asian equities did not sit well among investors following a drop in China's factory activity to an 11- month low.

Calaycay however said the improving conditions in the US might start attracting investors' attention back to the equities.

"We must admit however that the rising political fever leading up to the 2016 polls may be beginning to take a bite out of the still promising outlook for the economy," Calaycay said.

Stocks in the 30-company index closed mixed. Investors sold down shares of Ayala Corp. and Bloombery Resorts Corp. but picked up shares of Megaworld Corp.