Philippines share prices closed flat on Tuesday as the market consolidated following an eight-day rally and just ahead of a public holiday, dealers said. They said profit-taking was offset by gains in select banking and property stocks which limited the downturn.
The Philippine Stock Exchange composite index edged up 0.31 points at 2,708.50 after trading between 2,703.37 and 2,716.99. This was the best closing level since July 14, 1997 when it settled at 2,710.73. The broader all-share index fell 2.12 points to 1,644.01. Losers outnumbered gainers 72 to 25 with 50 stocks unchanged.
Turnover was 2.1 billion shares worth 2.07 billion pesos (41.4 million dollars.)
The peso was at 49.37 to the dollar. Financial markets will be closed on Wednesday to mark All-Saint's Day, a national holiday. Trading will resume on Thursday.
"We saw some profit-taking going into the holiday," said Jose Vistan of AB Capital Securities Inc. "At the same time, we are already overbought technically and it would be healthy for the market to correct because there is no such thing as a market going up in a straight line." Philippine Long Distance Telephone, due to unveil quarterly results next week, was steady at 2,360 pesos.
Property developer Ayala Land Inc gained 25 centavos to 15.25 pesos but parent Ayala Corp fell five pesos to 490 pesos. SM Prime Holdings Inc was up 10 centavos to 9.10 pesos. Food and beverage firm San Miguel Corp's A and B shares closed flat at 66.50 and 74.50 pesos, respectively.
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