Manila stocks down on uncertainty swirled over elections

Manila stocks closed lower on Friday as the peso slid near its record low and uncertainty swirled over the May 10 elections.
"Right now, there is an absence of catalysts to move the market. The weakening of the peso is adding to the uncertainty," said Oliver Plana, research head at Asiasec Equities Inc.
The peso traded at 56.410 to 56.435 to the dollar in morning trade on Friday, a shade shy of its record low of 56.45 hit earlier in the week.
The 33-share main index slipped 0.16 percent or 2.20 points to 1,390.92 points. It has so far lost 3.57 percent since the start of the year. Ayala Land Inc, the country's largest property developer, lost 2.94 percent or 15 centavos to 4.95 pesos.
Other losers were the B shares of the country's largest power distributor Manila Electric Co, down 3.85 percent or one peso at 25 pesos.
Traders said investors have adopted a cautious stance on Meralco as the Supreme Court has yet to rule whether the firm can implement a rate hike this year.
Pilipino Telephone Corp (Piltel), the country's third-largest mobile firm and 45 percent owned by PLDT, finished 1.20 percent or two centavos lower at 1.64 pesos.
Second-ranked mobile phone provider Globe Telecom, bucked the downward trend, gaining five pesos to 800 as bargain hunters bought back the issue after its 5.49 percent fall on Wednesday.
Internet firm PhilWeb Inc jumped 9.09 percent to 1.2 centavos on talk Macau casino king Stanley Ho, who lost his 40-year old gambling monopoly in Macau two years ago, is behind two firms that bought into Philweb.
Sources told Reuters Ho is quietly building a new gambling empire in the Philippines.
Earlier, Philweb said two companies owned by former trade secretary Roberto Ongpin bought a 22.6 percent stake in PhilWeb for 158 million pesos. A source privy to the deal said Ho was behind the two companies, Azurestar Corp and Aquadisk Corp.
In the broader market, losers beat gainers 31 to 1 while the prices of 40 stocks were unchanged.
Value turnover fell to 651.29 million pesos from 676.2 million.
Traders said they expected the main index to move within the 1,380 and 1,400 levels next week.