Philippines share prices closed flat on Thursday as the market continued in a narrow range consolidation after this year's sustained gains back to nine-year highs, dealers said.
They said fresh political concerns weighed on sentiment due to efforts by the House of Representatives to convene Congress into a constituent assembly that will amend the 1987 Constitution - a move that is strongly opposed by several groups, including the influential Catholic church.
The composite index slipped 1.61 points at 2,796.18 after trading between 2,774.97 and 2,801.00. The broader all-share index fell 3.99 points to 1,743.56.. Losers led gainers 54 to 37, with 62 stocks unchanged.
Turnover was 2.23 billion shares worth 2.81 billion pesos (56.67 million dollars). The peso was at 49.526 to the dollar. PNOC Energy Development Corp, the state-run geothermal power producer has offered up to 5.22 billion shares to the public at 3.20 pesos a share. Listing of the shares has been tentatively set for December 13.
Top-traded Ayala Land Inc fell 25 centavos to 14.75 pesos. Philippine Long Distance Telephone was down 30 pesos at 2,465 pesos. DMCI was up 50 centavos at 6.20 pesos following its successful bid for the government's 83.9 percent stake in Maynilad Water Services Inc, the company which distributes water to half of the Philippine capital. Food and beverage firm San Miguel Corp's A and B shares were unchanged at 66.00 and 73.50 pesos respectively.