Philippine share prices closed flat on Thursday, with investors on the sidelines amid continuing political uncertainty, dealers said. Although stocks are considered cheap at current prices, many investors were unwilling to take new positions amid the continuing tensions sparked by opposition efforts to unseat President Gloria Arroyo, they said.
The composite index slipped 1.59 points to 1,939.35 after trading between 1,932.70 and 1,941.67. Volume was 907.4 million shares worth 513.2 million pesos (9.2 million dollars).
The all-shares index was down 1.72 points at 1,177.87.
Losers outnumbered gainers 45 to 22, with 52 stocks unchanged.
The peso was at 55.809 to the dollar at mid-day.
"Investors are just sitting on the fence waiting before going back into the market," said Nestor Aguila of DA Market Securities.
"The market may have already discounted all the bad news about politics but investors nonetheless remain cautious," he added.
Opposition legislators who failed in September to impeach Arroyo over alleged election cheating, have now resorted to launching a series of public hearings where probes of the alleged anomalies of her government are broadcast live on television.
Arroyo has barred executive officials from appearing at the hearings unless she gives her consent.
SM Investments, the most actively traded stock, rose one peso to 218 but Philippine Long Distance Telephone fell 20 pesos to 1,665. Ayala Land was up 10 centavos at 8.40 pesos and parent Ayala Corp rose five pesos to 290.
San Miguel's A and B shares were steady at 65 and 88.50 pesos, respectively.