Philippines stocks ended a shade lower on Friday, led by property leader Ayala Land Inc, after mixed earnings results from blue chips. Analysts said investors were still absorbing the results from top phone firm PLDT, which reported a stronger than expected third-quarter profit, and Southeast Asia's largest food and beverage firm San Miguel Corp, which suffered a 12 percent drop in the July to September period.
"Global markets are strong following the re-election of President George W. Bush. But the Philippine market was down. The earnings results by blue chips were mixed and some were not as positive as we hoped for," said AB Capital analyst Jose Vistan.
"There were huge disappointments in San Miguel, Jollibee , and Globe Telecom."
The main index ended 2.69 points or 0.15 percent down at 1,817.52 points. The market is up 26 percent so far this year.
Value turnover rose to 1.06 billion pesos ($18.8 million) from Thursday's 753.45 million pesos, as losers beat gainers 42 to 36.
Ayala Land Inc, the country's largest property developer, fell 1.39 percent or 10 centavos to 7.10 pesos. Its parent Ayala Corp, the country's largest conglomerate with interests in banking, telecommunications, and utilities, was unchanged at 6.60 pesos ahead of its quarterly earnings announcement later on Friday.
Two analysts polled by Reuters expected Ayala Corp's third quarter profit to come in at 812 million to 1.2 billion pesos from last year's 812 million pesos.
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