Share prices unmoved in lackluster trade

Local stock prices barely changed for the second straight session on Thursday, unmoved by a sell-off on Wall Street as a result of disappointing profit reports and investors' growing anxiety about China's attempts to slow its economy. The Philippine Stock Exchange (PSE) index was up by 0.06 percent or 1.72 points to 3,085.58. Trading was lackluster again, with 1.14 billion stocks worth P2.26 billion changing hands. Losers beat gainers 53 to 43, while 70 stocks did not move. The Dow Jones industrial average fell by 122 points over night from a 15-month high but ended well off its lows for the day. On the local front, half of the six subindices gained, with mining and oil stocks going up by 1.18 percent or 123.2 points to 10,543.2 and property firms adding 1.13 percent or 11.9 points to 1,062.49. The financial index also gained 0.27 percent or 1.78 points to 666.61. On the other hand, industrial shares dropped by 0.4 percent or 18.79 points to 4,701.74, while holding firms were down by 0.31 percent or 5.06 points to 1,630.79. Services likewise slid by 0.2 percent or 3.12 points to 1,549.36. Dominant carrier Philippine Long Distance Telephone Co., the day's most actively traded stock, lost P5 to P2,715. Energy Development Corp. the second most actively traded, was unchanged at P5, while Ayala Corp. lost P2.50 to close at P297.50. Ayala unit Integrated Micro-Electronics, Inc. was the day's biggest winner, gaining half to finish at P9. Prime Gaming Philippines, Inc. was the top loser, ending more than a quarter lower at P20. — GMANews.TV