Philippines share prices closed flat on Thursday with the slightest of gains by bargain hunters proving enough to end eight straight days of declines, dealers said.
They said investors remained cautious over high crude prices while awaiting a Supreme Court decision on whether it would approve a crucial expanded value added tax (VAT.)
The Philippine Stock Exchange composite index rose 1.53 points to 1,925.68 after trading between 1,928.67 and 1,921.98 points.
Volume reached 226.6 million shares valued at 529.4 million pesos (9.44 million dollars).
The Philippine peso was trading at 56.082 to the dollar when stock market trading closed.
"Investors are reluctant to enter the market in the absence of inspiring news and with oil prices soaring to record levels, which will put more upward pressure on inflation and interest rates," said Lawrence de Leon of Accord Capital Equities.
Rommel Macapagal of Westlink Global Equities said the local market could be building a base at 1,920 points.
But support for this level will depend on the direction of oil prices and the Supreme Court's decision the expanded VAT which is expected this month.
Philippine Long Distance Telephone was the most active stock, ending unchanged at 1,540 pesos. Second top-traded SM Investments retreated three pesos to 213. Its unit, shopping mall developer SM Prime Holdings ended steady at 7.10 pesos.
Bank of the Philippine Islands was up one peso at 52.
San Miguel B shares, available to all investors, fell 50 centavos to 97.50 pesos while San Miguel A shares, limited to Filipinos, lost 50 centavos to 67.50 pesos.