Philippines shares close flat

Philippines share prices closed flat on Monday as the market continued to consolidate amid a lack of fresh leads, dealers said. Profit-taking in companies that have released their first-half results offset gains in banking stocks and in counters that have yet to report their results, they said.
The Philippine Stock Exchange composite index edged 0.77 points down to 1,974.83. It traded between 1,970.94 and 1,984.01.
Turnover reached 466.38 million shares worth 1.03 billion pesos (18.39 million dollars).
The broader all-shares index advanced 2.86 points to 1,197.11.
Gainers outnumbered losers 39 to 31, with 37 stocks ending unchanged.
The Philippine peso averaged 56.03 to the dollar at the close of trading at the stock exchange.
"Recent corporate developments, as well as good interim results for the first half, have inspired some buying. But we're still in a consolidation mode. The index has been trading within a tight range," said Oliver Plana of Asiasec Equities.
Mark Alan Canizares of Citiseconline.com said: "Some people are speculating as to which banks will move next."
On Friday, the government and tycoon Lucio Tan are set to auction a substantial stake in Philippine National Bank. The country's second biggest bank, Bank of the Philippine Islands, is among the 10 banks that have expressed interest in the PNB stake.
Dealers also said a possible merger among Equitable PCI, Banco de Oro and China Banking Corp would displace Metropolitan Bank and Trust Co as the Philippines' largest bank.
Philippine Long Distance Telephone fell 15 pesos to 1,620.
Equitable PCI Bank ended down a peso to 53.50 after the Go family's entire 24.76 percent stake in the Philippines' third largest bank was sold to Banco de Oro, dealers said. Banco de Oro closed unchanged at 32 pesos.
Banco de Oro's entry into Equitable PCI, which is expected to result in an eventual merger, gave birth to expectations of another round of mergers and consolidation in the industry as banks try to outdo each other in the ranking game, dealers said.
SM Investments added four pesos to 226. SM Prime fell 10 centavos to 7.10 pesos.
Ayala Corp gained 10 pesos to 307.50 and unit Ayala Land was up 10 centavos to 8.20 pesos ahead of their earnings reports, due out later this week.
San Miguel A, limited to Filipino investors, was unchanged at 69.50 pesos. San Miguel B, available to foreigners and locals, fell 50 centavos to 99.50 pesos.