Philippines share prices ended flat Thursday as Wall Street's reverse led investors to pause a day after the local index hit a seven-month high, dealers said. The composite index added 0.03 points to 2,333.79. In the broader market, the all shares index added 9.74 points, or 0.65 percent, to 1,516.70, with 75 issues up, 40 down and 40 unchanged.
Turnover was heavy with 1.98 billion shares worth 2.70 billion pesos (57.27 million dollars) changing hands. The peso traded at an average of 47.231 to the dollar in the morning after ending at 47.280 on Tuesday. "There was some correction initially, but the market recovered, indicating there's a lot of money (on) the sidelines waiting to come in," Joseph Roxas of Eagle Equities told Dow Jones Newswires.
There remained an upside in the medium term with local share prices up just 25 percent from last year's bottom, compared with a 70 percent rise for other Asian equity markets, Roxas said. Philippine Long Distance Telephone fell 0.67 percent to 2,210 pesos. Philex Mining added 7.69 percent to seven pesos, while Filinvest Land rose 1.32 percent to 77 centavos, helping deter the market's slide.
Comments
Comments are closed.