Philippine shares down

Philippine shares down slightly as investors take profit; benchmark PSEi off 0.4% to 2479.57 in thin volume, after 3-day, 5.8% rise to a fresh 8-month high. Support tipped at 2450, resistance at 2550.
“We’re due for a pullback, but I guess investors still trying to get into the
market are limiting the decline,” says Spencer Yap, analyst at BPI Securities;
leading market retreat are some property stocks that led latest rally, such as
Megaworld (MEG.PH), down 3.6% to PHP1.06, Robinsons Land (RLC.PH), down 1.3% to PHP7.50; blue chips such as geothermal producer Energy Development Corp. (EDC.PH), which settled a yen loan this week, and its major shareholder First Gen (FGEN.PH), advancing, limiting market’s slide; EDC +2.6% to PHP3.90, First Gen +8.8% to PHP21.75.