Philippines share prices closed 0.10 percent higher on Thursday in directionless trade, despite sharp gains elsewhere in the region on the back of tepid US inflation data, dealers said.
They said late buying in Manila Electric Co (Meralco) and gains in property stocks led by Ayala Land helped the market close in positive territory.
The composite index added just 2.45 points to 2,345.96 after moving between 2,339.29 and 2,351.21. The all-shares index rose 1.60 points to 1,447.50.
Turnover was 2.71 billion shares worth 1.28 billion pesos (25.09 million dollars). Gainers beat losers 57 to 33, with 49 stocks ending flat.
Dealers said late buying in Meralco helped the market close in positive territory, with the stock recovering from early losses triggered by a Supreme Court order to the power distributor to refund consumers for an increase in its tariff in 2004 that the court had disallowed.
Investors dumped Philippine Long Distance Telephone Co after its New York-traded American Depository Receipts (ADRs) retreated overnight, despite an extended rally in US markets, dealers added. PLDT, the most actively traded stock, was down 30 pesos at 1,975.00. Its ADRs fell 62 cents to 38.65 dollars.
Ayala Land rose 25 centavos to 13.50 pesos and Megaworld Corp advanced two centavos close at 1.66 pesos. Meralco A-shares, available only to Filipinos, ended flat at 16.25 pesos. Its B-shares, which are open to foreign investors, rose 1.25 pesos to 26 pesos.
San Miguel Corp's A-shares were steady at 64.50 pesos and its B-shares steady at 73.50 pesos.
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