Philippines share prices closed flat on Thursday as investors awaited the central bank's interest rate decision later in the day, dealers said. The composite index slipped 2.59 points to 2,833.27, after moving between 2,824.07 and 2,839.17.
The broader all-share index fell 2.76 points to 1,766.59. Losers were slightly ahead of gainers 49 to 48, while 69 stocks ended unchanged. A total of 1.68 billion shares worth 4.1 billion pesos (82.91 million dollars) changed hands. The peso traded at 49.45 to the dollar.
"The market remains in a consolidation phase in the absence of new leads," said James Lago of Westlink Global Equities. Oil prices were firmer in early Asian trading hours after US energy reserves declined and because of expectations that the Organisation of Petroleum Exporting Countries will announce this week another round of production cuts.
Top-traded, newly-listed energy firm PNOC-EDC fell 40 centavos to 4.15 pesos - still above its initial public offering price of 3.20 pesos. Philippine Long Distance Telephone, or PLDT, was down 15 pesos to 2,415, while Ayala Land advanced 25 centavos to 14.75 pesos. San Miguel A and B shares were unchanged at 66 and 71.50 pesos, respectively.
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