Stocks barely move in anemic trade

Local share prices barely changed in lethargic trade on Wednesday, ignoring Wall Street's overnight rally in the absence of market-moving local news. The Philippine Stock Exchange (PSE) index slid by 0.2 percent or 0.71 point to 3,083.86, while the all-share index was also down by 0.83 percent or 1.61 points to 1,930.62. Analyst Harry Liu of Summit Securities said the stock market was consolidating, but it could be buoyed in the coming days as the election campaign period draws near. "That is, assuming, that everything will go smoothly," he said. "The market has recovered a bit these past few months, and hopefully it will continue doing so for the rest of the year," he added. Trading was anemic at 1.48 billion shares worth P2.88 billion. Losers beat gainer 61 to 40, while 65 stocks were unchanged. Dominant carrier Philippine Long Distance Telephone Co., (PLDT) the most actively traded stock, was unchanged at P2,720. Ayala Corp., the second most traded, was also steady at P300. Benguet Corp., which lost the right to develop the Kingking copper-gold mine in Compostela Valley, was the day's biggest loser. Its B stocks went down by P3.50 to P15 apiece, while A stocks lost P1.50 to P13 each. US stocks rallied overnight, with IBM leading a tech charge ahead of its quarterly results, released after the close of trade. Companies in health care and consumer products also added to the rally. On the local front, two of the six subindices went down, led by property stocks' 0.77-percent or 8.11-point drop. Industrial shares also lost 0.65 percent or 31.01 points to 4,720.53. On the other hand, the mining and oil index gained 0.59 percent or 61.22 points to close at 10,420, while financial companies added 0.46 percent or 3.04 points to finish at 664.83. Service stocks likewise inched up by 0.18 percent or 2.77 points to 1,552.48, while holding firms were up by .01 percent or 0.1 point to 1,635.85. — NPA, GMANews.TV