Philippines share prices closed little changed on Thursday, after last-minute selling by investors ahead of a key interest rate decision by the local central bank, dealers said. Strength in select blue chips led by Philippine Long Distance Telephone Co (PLDT) kept the index in positive territory for most of the session, they said.
The composite index was up 5.64 points at 3,775.46, after moving between 3,732.89 and 3,801.30. A total of 7.9 billion shares valued at 8.2 billion pesos (182 million dollars) changed hands. Decliners narrowly outnumbered gainers 63 to 61, and 43 stocks were flat.
PLDT closed unchanged at 3,040 pesos. But rival Globe Telecom Inc closed 60 higher at 1,600, off its new record high of 1,610. Globe was largely ignored in recent market rallies that were led by PLDT. Metrobank, the country's largest bank by assets, advanced 1.50 to 59.50. San Miguel Corp's class A shares retreated 1.00 to 61.50. The food and beverage group's B shares slipped 1.00 to 64.