PHL shares post losses as market continues to correct

Philippine shares fell by three-fourths of a percent in moderately active trading Monday as the market remained in correction mode from the recent record levels it achieve two weeks ago.   The main Philippine Stock Exchange index dropped 35.40 points or 0.75 percent to close at 4,644.49.   More than 8.113 billion shares valued at P7.323 billion were traded.   Decliners led advancers 113 to 48 with 42 issues closing unchanged from Friday’s levels.   “If you look at the index, you can consider this a healthy correction,” said trader Jasper Jimenez of BDO Securities Inc.   There is also the influence of regional markets that registered losses, and “I’m sure that that GDP report, that had also been taken into consideration,” Jimenez noted.   According to a Reuters report, “Asian shares inched lower and the euro eased from its highest in more than six weeks on Monday, as markets cautiously tuned in to a likely debt swap deal for Greece that is crucial to avoiding a messy default and eyed another European summit meeting.”   The National Statistical Coordination Board, meanwhile, reported, “The Philippine economy grew at slower-than-expected 3.7 percent last year, weighed down by government underspending, the continuing euro debt crisis, and the sluggish US economic recovery."   The market is trying to consolidate at this point with the support likely at 4,550 on the PSEi, Jimenez noted. — GMA News