Philippines share prices closed flat on Wednesday after a listless session marked by profit-taking in overbought stocks, dealers said. After opening higher following Wall Street's rally overnight, activity eased off as investors exercised caution with crude oil prices hovering at record levels and looking to go higher still on concerns about Iran's nuclear program.
The composite index was down 1.99 points to 2,223.73 after trading between 2,218.46 and 2,233.29. Volume was 6.36 billion shares worth 1.52 billion pesos (29.54 million dollars). The all-shares index rose 3.32 points to 1,369.06.
Gains and losers were equal at 47 each, with 51 stocks unchanged. The peso was at 51.46 to the dollar by midday.
"A good portion of today's activity was still concentrated in the mining sector where we saw profit-taking following recent sharp gains driven by the rise in metal prices," said Lawrence de Leon of Accord Capital Equities.
"Investors are expected to return to the market after these much-needed corrections but that may not happen soon because of inflation worries," he added.
Philippine Long Distance Telephone retreated 10 pesos to 1,955.
Among miners, Philex A and B shares were down 10 centavos each at 3.80 pesos and 3.85 pesos, respectively.
San Miguel A shares were unchanged at 60 pesos while its B shares advanced one peso to 80 after Moody's rated the company Ba1.
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