Philippine Shares Shed 10.21 Points After 5-Day Rise

Philippine shares slipped Wednesday as investors cashed in on the market's five-day rise.

The 30-company Philippine Stock Exchange Index shed 10.21 points, or 0.31 percent, to 3,294.21, after gaining 4.8 percent over the last five sessions.

"This is a healthy correction following recent sharp gains," said Accord Capital Equities analyst Lawrence de Leon,

Property developer Megaworld Corp. was the most active, losing 6.3 percent at 3.70 pesos after the stock jumped 23 percent over the past five sessions.

Philippine Long Distance Telephone Co. was lower by 0.8 percent to 2,510 pesos.

There were 57 advancers, 51 decliners and 58 stocks were unchanged.

The peso fell slightly against the U.S. dollar as banks bought dollars to take advantage of the greenback's three-day fall.

The dollar closed at 47.96, marginally up from 47.95 on Tuesday.