RP stock index barely moves in anemic trade

Local share prices barely changed in lethargic trade on Tuesday, with most stock markets in Asia closed for the Lunar New Year, while Wall Street was on a President's Day break. The Philippine stock index gained 0.15 percent or 4.47 points to 2,967.71, with only 1.33 billion stocks worth P2.29 billion traded. "The market did not really move much. We are waiting for tomorrow’s opening," analyst Jasper Jimenez of BDO Securities Corp. said. Trading in Hongkong and Singapore will resume tomorrow after the Chinese New Year break. China and Taiwan, meanwhile, are taking a weeklong trade hiatus. Jimenez said local stocks are expected to track Wall Street’s movement in the coming days. Gainers closely beat losers 59 to 53, while 46 stocks were unchanged. Property stocks gained 1.47 percent or 14.46 points to 998.57, while mining and oil companies, which posted a one-percent or 97.02-point gain to finish at 9,930.74. Holding firms also went up by 0.13 percent or 2.19 points to 1,672.23, while financial stocks inched up by 0.11 percent or 0.68 point to 622.04. Service stocks bucked the trend, losing 0.29 percent or 4.37 points to 1,477.43, while industrial shares were down by 0.73 percent or 3.32 points to 4,558.36. Mining company Atok-Big Wedge Company, Inc.’s B stocks were the day’s biggest gainer, posting a 31-percent rise to P118 apiece. Holding company Roxas Holdings, Inc., on the other hand, closed almost a tenth lower at P2.80, making it the day’s biggest loser. Dominant carrier Philippine Long Distance Telephone Co., the most actively traded stock on Tuesday, closed with a P5-gain to P2,540. — Nikka Corsino/NPA, GMANews.TV