Philippines stocks ended flat on Tuesday as investors remained reluctant to take fresh positions ahead of a Supreme Court ruling that could disqualify the leading presidential candidate from May 10 elections.
The main index ended 0.11 points lower at 1,464.88 points. The market is up 1.56 percent so far this year.
Globe Telecom Inc, the Philippines' second-largest phone company and the session's most active stock, ended five pesos lower at 870 pesos.
The country's largest oil refinery, Petron Corp, shed 4.35 percent or 15 centavos to 3.30 pesos.
"The market continues to consolidate as players await the Supreme Court regarding the eligibility of FPJ (Fernando Poe Jr) as a presidential candidate," said First Grade Holdings Managing Director Astro del Castillo.
"There are concerns of a possible backlash from his supporters if he is disqualified."
Two new members of the Commission on Elections (Comelec) poll body who were appointed by President Gloria Macapagal Arroyo have asked the Supreme Court to disqualify movie actor Poe from the presidential race on the ground that he is not a natural-born Filipino.
The court is due to hear arguments on the case on Thursday.
Value turnover dipped to 476.73 million pesos from Monday's 534.61 million pesos.
In the broader market, losers beat gainers 25 to 22 and there were 36 stocks unchanged.
Analysts expect the market to bob in a tight range within the 1,430 to 1,500 level in the coming days, as players wait for fresh incentives to return to the market.
Philippine Long Distance Telephone Company (PLDT), the country's largest phone firm, ended 10 pesos higher at 930 pesos on market expectations it will surpass its 10-billion peso profit target for 2003.
PLDT will release its profit report on Thursday.
Pilipino Telephone Corp (Piltel), the country's third-largest mobile phone firm and 45-percent owned by PLDT, rose 1.15 percent or two centavos to 1.76 pesos.
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