Philippines share prices closed little changed on Monday as the market consolidated with some light bargain hunting in blue chips offset by declines in the broader market, dealers said.
They said the market would consolidate, after recent volatility that saw the main index rising to its highest point in nearly seven years early this month, and then falling sharply last week to where it was before the rally.
The composite index ended up 1.96 points at 2,357.98 after trading between 2,352.41 and 2,360.38, on volume of 6.39 billion shares worth 1.48 billion pesos (29.01 million dollars).
Losers outnumbered gainers 77 to 25, while 39 stocks were unchanged.
The broader all-shares index gained 1.20 points at 1,469.57.
"It is tempting for bargain-hunters to come out at this point. But we don't expect buying to turn aggressive right away," said Astro del Castillo of First Grade Holdings Inc.
Philippine Long Distance Telephone Co was top-traded, ending 35 pesos at 2,020 pesos. Rival Globe Telecom fell 5.00 pesos to 915, erasing gains it had made earlier. International Container Terminal Services advanced 25.00 centavos to 13.50 pesos after it announced that it had purchased 95 percent of Indonesian port operator PT Makassar Terminal Services for 5.6 million dollars.
Conglomerate Ayala Corp gained 5.00 pesos at 425.00 pesos on bargain-hunting, while unit Ayala Land ended steady at 13.50 pesos. Another of its unit, Bank of the Philippine Islands, was down 1.00 pesos at 62.50 pesos. San Miguel A shares were steady at 63.50 pesos while B shares inched 50.00 centavos higher at 81.00 pesos.
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