RP stock index steady ahead of Lenten holiday

Local share prices barely moved on Monday ahead of the Lenten holiday given the dearth of market-moving news here and abroad. The Philippine Stock Exchange index shed 0.1 percent or 3.12 points to 3,177.56, with less than a billion stocks worth P3.21 billion changing hands. Despite the slight loss, gainers beat losers 58 to 38, while 67 stocks were unchanged. Four of the six subindices lost, led by mining and oil, which tumbled by 2.18 percent or 201.74 points to 9,037.4. The service index also shed 0.61 percent or 9.01 points to 1,471.16, while financial stocks slid by 0.22 percent or 1.53 points to 683.47. The property index likewise lost 0.15 percent or 1.76 points to 1,159.51. On the other hand, industrial stocks went up by 1.08 percent or 52.56 points to 4,929.63, while holding firms advanced by a percent or 19.55 points to 1,960.43. Dominant carrier Philippine Long Distance Telephone Co. lost P30 to P2,475, while Manila Electric Co. shed P5 to P180. First Gen Corp. gained 25 centavos to P10.75, while Philippine National Bank gained a peso to P27.50. Metropolitan Bank and Trust Co. and Ayala Land, Inc. were unchanged at P50 and P13, respectively. — N.P. Aquino, GMANews.TV