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MANILA, Philippines (AP) -- Philippine shares fell Wednesday in a sluggish session that followed the New Year holiday. Investors were cautious after an earlier decline on Wall Street. The main Philippine Stock Exchange Index fell 4.31 points, or 0.1 percent, to 3,617.29. Blue chip companies led the losers. Telecommunications giant Philippine Long Distance Telephone Company fell 0.8 percent to 3,150 pesos. Real estate developer and mall operator Ayala shed 3.5 percent to 545 pesos. "We expected this flat session. Usually on the first trading day of the new year, there's a spillover of the holiday flu," said Astro del Castillo, managing director of brokerage First Grade Holdings.
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