Manila stocks slipped in mixed trade on Thursday after the main index encountered stiff resistance at the 1,600 level, prompting profit-taking in key blue chips like telecoms leader PLDT.
Analysts said the market was likely to remain subdued for a few days, but second-quarter corporate earnings reports out later this month may trigger renewed buying.
The Philippine stock index erased early gains and edged down 2.92 points or 0.18 percent to end at 1,595.47 points. The index had almost hit the 1,600 resistance level but sellers emerged, pulling down the market.
Vistan said news of a Filipino being held hostage by gunmen in Iraq did not rattle the market but said it was worrisome as it was a reminder that the Philippines, a staunch US ally, is a target of terror groups. Market turnover climbed to 684.58 million pesos ($12.2 million) from Wednesday's 532.85 million pesos. Losers outpaced gainers, 38 to 21, with 43 issues unchanged.
Dominant phone firm Philippine Long Distance Telephone Co (PLDT) lost 15 pesos or 1.2 percent to 1,235 pesos, accounting for about 30 percent of the total turnover.
PLDT's rival Globe Telecom was unchanged at 835 pesos. Globe said its unit Innove has invested over $6 million in the roll-out of its broadband internet service for residential and business customers.