RP stocks post slight gain in anemic trade

Philippine share prices barely moved on Monday, with investors mostly staying on the sidelines ahead of key economic data scheduled for release this week. The composite index gained 0.33 percent or 10.17 points to close at 3,087.35, while all shares added 0.41 percent or 7.89 points to 1,944.95. The slight gain followed Wall Street's rise last week, where investors showed little reaction to more job cuts in the US. US stocks managed to end the first trading week in positive territory, with the Dow industrials and S&P 500 at 15-month highs and the NASDAQ composite at a 16-month high. Last Friday, local share prices posted a weekly gain of 0.8% or 24.5 points to 3,077.18. On Monday, trading was lethargic, with volume reaching only 1.55 billion stocks worth P2.73 billion. Gainers beat losers 62 to 39, while 59 stocks were unchanged. Five of the six subindices went up, led by holding firms' 1.1-percent or 17.68-point gain to 1,632.22. Financial stocks also added 0.58 percent or 3.85 points to 671.44, while the industrial index inched up by 0.53 percent or 24.71 points to 4,704.23. Service stocks likewise added 0.38 percent or 5.84 points to 1,551.83, while mining and oil companies were up by 0.07 percent or 7.7 points to 10,347.8. The property index bucked the trend, losing 0.62 percent or 6.7 points to finish at 1,079.7. — GMANews.TV