Philippines share prices closed flat Tuesday following disappointing third quarter growth figures, dealers said. They said the market likely to take a breather after a three-day weekend and hitting eight-month highs last week. The markets were closed on Monday for a public holiday.
The Philippine Stock Exchange composite index rose 1.26 points at 2,107.36, having trading in a very narrow range of 2,102.70 to 2,109.79 as the market digested the growth data. Turnover was 1.53 million shares worth 932 million pesos (17.25 million dollars.)
The broader all-shares index gained one point to 1,275.42.
Gainers led losers 40 to 29, with 50 stocks unchanged.
The Philippine peso was at 54.039 to the dollar as of mid-day.
The economy expanded 4.1 percent in the third quarter of the year, well below market expectations due to the effects of high oil prices, political instability and sluggish farm and industrial output.
With the poor third-quarter performance, officials said they now expect full-year gross domestic product (GDP) growth to come in below the initial target of 5.3 percent. "Before trading started, investors were thinking that the GDP report could be a catalyst for another market rally but it turned out the figures were disappointing," said Ron Rodrigo of Accord Capital Equities.
Trading may remain sluggish on Wednesday as more investors learn about the poor GDP data, said Rodrigo.
"We're coming into the market after a long weekend. It's possible that some investors are still on vacation," said Oliver Plana of Asiasec Equities Inc.
Philippine Long Distance Telephone was the most actively traded stock, rising 10 pesos to 1,745 pesos.
Ayala Corp gained 2.50 pesos to 342.50 pesos while unit Bank of the Philippine Islands advanced 50 centavos to 59 pesos. Manila Water Co rose 10 centavos to 6.60 pesos.
San Miguel Corp 'A' shares, exclusive to Filipinos, gained 50 centavos to 65.00 pesos while San Miguel Corp 'B' shares, available to foreigners, ended steady at 88.50 pesos.
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