May 16, 2007
Updated 14:03:22 (Mla time)
MANILA, Philippines -- Share prices closed little changed on profit-taking in blue chips like Philippine Long Distance Telephone Co. after the main index jumped to an all-time high during the session, finally catching up with the record breaking run in other regional bourses, dealers said.
Investors were quick to cash in gains that began Tuesday as they cheered the generally peaceful conduct of Monday's midterm elections. But the buying momentum soon lost steam, only allowing the key index to chart a new high in more than a decade at the close.
The 30-company composite index finished up 0.47 point at 3,409.20, its best closing level since Feb. 4, 1997 when it settled at 3,398.89. But during the session, the index rose over 1 percent to a new trading high of 3,451.73.
The broader all-share index was up 4.54 points or 0.2 percent at 2,178.19.
Losers slightly beat gainers, 59 to 58, while 51 stocks were unchanged.
A total of 5.1 billion shares worth P6 billion were traded.
"The market will retest the all-time high but it had to take a breather from which it would consolidate and build a stronger base," said Gomer Tan, an analyst at Reginal Capital Development Corp.
Ron Rodrigo, an analyst with Unicapital Securities, said caution may reign in coming sessions with all eyes on the results of the midterm polls where half of the 24-seat Senate is at stake along with all of the 236-member House of Representatives and more than 18,000 local government posts.
The government's Commission on Elections just started canvassing votes Wednesday and is expected to finish its job in 10 days.
Megaworld Corp., the most actively traded stock, edged up P0.10 or 2.63 percent to P3.90.
Food and beverage conglomerate San Miguel Corp.'s A-shares gained P4 or 5.26 percent to P80, but its B-shares shed P1 or 1.15 percent to P86.
Other gainers were SM Investments Corp. which rose P10 or 2.55 percent to P402.50, Equitable PCI Bank Inc., up P3 or 2.75 percent to P112, while property developer Filinvest Land Inc. rose P0.08 or 4.65 percent to P1.80.
PLDT led the day's decliners, losing P20 to P2,545.
Power distributor Manila Electric Co.'s A-shares fell P3 or 3.70 percent to P78, while its B-shares slipped P3.50 or 4.32 percent to P77.50.
First Philippine Holdings Corp. closed P3 or 3.95 percent lower at P73 and conglomerate Ayala Corp. dropped P5 to P605.
http://services.inquirer.net/express/07/05/16/html_output/xmlhtml/20070516-66238-xml.html
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