Philippines share prices closed flat on Wednesday on a dearth of market-moving news, dealers said. The composite index edged up 0.61 points, or 0.02 percent, to close at 2,930.70, while the all shares index added 2.18 points or 0.12 percent to 1,849.33. After an initial weakness, turnover was heavy at 1.18 billion shares worth 3.58 billion pesos (77.15 million dollars) with 57 scrips up, 38 down and 70 unchanged.
The peso traded at an average of 46.455 to the dollar. "What has been keeping the market in consolidation is the lack of catalysts that can move it up or down," Ron Rodrigo of DBP Daiwa Securities told Dow Jones Newswires. Philippine Long Distance Telephone ended 0.77 percent down at 2,590 pesos while Energy Development Corp added 1.05 percent to 4.80. First Philippine Holdings surged 7.59 percent to 42.50.
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