Philippines share prices closed 0.50 percent lower on Tuesday in a market bereft of strong leads capable of perking-up investor interest after the three-day long weekend, dealers said.
Investors were also cautious following a spike in oil prices, though mining stocks attracted some buyers' interest after metal prices advanced in overseas markets overnight, they said. They said the falls came amid a mixed performance by regional markets after US stocks snapped a five-day winning streak overnight with tensions over Iran's nuclear program driving-up oil prices.
The composite index finished down 11.76 points at 2,318.14, after moving between 2,313.21 and 2,329.90. The broader all-shares index fell 6.37 points to 1,434.97.
Losers led gainers 60 to 29, with 45 stocks ending flat. There were 1.93 billion shares traded worth 1.28 billion pesos (24.99 million dollars).The peso traded at 51.22 pesos to the dollar. Philippine markets were closed on Monday for a public holiday.
"We've seen few incentives to trade on at the moment and at the same time, the market is also keeping a wary eye on geopolitical issues and their impact on oil prices," said Mark Alan Canizares of online broker Citiseconline.com. Oil prices were firmer in Asian trading hours with the focus shifting from Lebanon, where a truce has been declared, to Iran which vowed to press on with its controversial nuclear program.
Dealers said remarks by Iran's supreme leader Monday that Tehran has made up its mind on its uranium enrichment work paved the way for a possible showdown with the UN Security Council. Harry Liu of Summit Securities said the market is consolidating within the 2,300-2,400 range.
Philippine Long Distance Telephone fell 15 pesos to 1,965, but property developer Megaworld Corp sustained recent gains, closing up two centavos to 1.66 pesos amid upbeat full-year profit forecasts. Philex Mining A, limited to Filipinos, closed up 15 centavos at 4.25 pesos while its B shares, open to both local and foreign investors, were 20 centavos higher at 4.40 pesos. San Miguel A was steady at 64.50 pesos, but its B-shares fell 50 centavos to 73 pesos.