Philippines shares little changed

Philippines share prices closed little changed on Tuesday, with gains in blue chips offset by losses in the broader market in cautious trade. Dealers said stocks recovered in the middle of the session after a weak start but gave up some gains late in the session.
The composite index edged up 3.54 points at 3,657.12. Volume totalled 5.4 billion shares worth 5.3 billion pesos (114.8 million dollars). Cautiousness prevailed in late trade as investors opted to stay on the sidelines ahead of the Federal Reserve meeting this week, said Grace Cerdenia of 2TradeAsia. Metropolitan Bank and Trust dropped 2.50 pesos to 69.