Philippines share prices closed little changed Friday as profit-taking in market leader Philippine Long Distance Telephone (PLDT) offset gains in other stocks, dealers said. The market moved without any clear direction in the absence of fresh leads and because of prevailing political uncertainties, they said.
The composite-index fell 1.87 points to 1,953.14 after trading between 1,950.97 and 1,959.71. Volume was 330.5 million shares worth 1.52 billion pesos (27.3 million dollars).
The all-shares index fell 0.55 points to 1,184.28.
Market breadth was positive with 35 gainers against 26 losers and 51 stocks unchanged.
The peso was at 55.844 to the dollar as of mid-day.
"The market is still being hounded by the country's political problems," said Astro del Castillo of First Grade Holdings.
He was referring to President Gloria Arroyo's continuing struggle with opposition forces who are seeking to oust her on allegations of election fraud and other supposed anomalies.
Ayala Land, the most actively traded stock, closed up 20 centavos at 8.90 pesos. Parent company Ayala Corp rose 7.50 pesos to 292.50.
PLDT retreated 20 pesos to 1,680 after its New York-listed shares fell overnight. San Miguel's 'A' shares, exclusive to Filipinos, were steady at 65 pesos but its B shares, which are available to all investors, rose 50 centavos to 91.50 pesos.