Philippines share prices closed flat on Wednesday as profit taking eroded early gains made on Wall Street's overnight rise and lower oil prices, dealers said. Investors were also still wary about the political situation despite the quashing of impeachment moves against President Gloria Arroyo in Congress, they said.
The composite index closed up 0.62 points at 1,897.33 after trading between 1,895.61 and 1,916.76. Volume stood at 766.6 million shares worth 848.22 million dollars (15.09 million dollars).
Losers outnumbered gainers 31 to 25, with 59 stocks unchanged. The all-shares index rose 1.30 points to 1,158.92. The peso was at 56.21 to the dollar, compared to Tuesday's 56.187.
Mark Alan Canizares of Citiseconline.com noted that while the Congress's action on the impeachment gave investors some breathing space, concerns remain and some took the opportunity of intra-session gains to take profits. "Anything can happen. The fact remains that there could still be unexpected twists in this ongoing political saga," Canizares said.
Philippine Long Distance Telephone was the most active stock, closing down 5.00 pesos at 1,575. Ayala Land Inc gained 10 centavos to 7.60 pesos, while parent Ayala Corp retreated 2.50 pesos to 287.50. Bank of the Philippine Islands was unchanged at 505.50 pesos.
SM Prime Holdings advanced 10 centavos to 7.00 pesos, while parent SM Investments fell 1.00 pesos to 206. San Miguel Corp B shares, available to foreign and local investors, was unchanged at 93.50 pesos. San Miguel A, limited to local investors, was steady at 65.50 pesos.
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