Index ends flat as market follows Wall St lead

MANILA, Philippines - Local share prices barely moved yesterday, mirroring the US market’s slight drop overnight but still above the 3,000-point psychological level.

The Philippine Stock Exchange index closed 0.08 percent or 2.45 points lower at 3,013.14, with the all-share index losing 0.19 percent or 3.53 points to 1,903.23.

Investors sold stocks to make a profit, analyst Jasper Jimenez of Banco de Oro Securities said in an interview.

“Though there was minimal movement in stocks, we saw a high number of market losers,” he pointed out.

Wall Street fell by less than a percent on Monday after big consumer companies gave a cautious outlook about consumption growth.

On the local front, 1.05 billion stocks worth P2.76 billion changed hands, with losers beating gainers 68 to 37, while 59 stocks were steady.

Only two subindices advanced, with financial stocks leading with a 1.23-percent or 7.89-point rise to 648.34. Service stocks also inched up by 0.27 percent or 4.01 points to 1,505.61.

On the other hand, mining and oil stocks went down by 1.53 percent or 148.6 points to 9,556.24, while holding firms lost 0.85 percent or 14.47 points to finish at 1,690.33.

Property companies also slid by 0.49 percent or 5.06 points to 1,023.31, while industrial shares dropped by 0.11 percent or 5.12 points to 4,543.25.

B shares of Manchester International Holdings Unlimited Corp., Tuesday’s biggest loser, lost more than a third to P1.10 apiece.

Conglomerate Ayala Corp. also closed P5 lower at P290.

On the other hand, Philippine Seven Corp., which operates the 7-Eleven chain of convenience stores, was the day’s biggest gainer. Its shares were up by 14.86 percent to P8.50 apiece.

Dominant carrier Philippine Long Distance Telephone Co. (PLDT) also gained P15 to P2,600.

Banco De Oro Unibank, the day’s most active stock, was unchanged at P38 apiece.

Meanwhile, oil prices rose above $80 a barrel Monday as investors expect the US central bank to keep interest rates near zero to help fuel economic growth – which would boost crude consumption.         — AP