PSE index barely moves as investors continue to cash in

Philippine share prices closed barely unchanged on Thursday as early gains were offset by profit-taking from investors, analysts said. The benchmark Philippine Stock Exchange index edged up with 6.91 points or 0.164 percent to 4,219.43, while the broader all shares rose 9.26 points or 0.3002 percent to 3,093.93. Losers, however, outnumbered gainers, 74 to 58, while 50 stocks closed unchanged. Volume traded reached 2.035 billion valued at P4.941 billion. Justino Calaycay Jr., Accord Capital trader, said that because the market is still overbought, investors found the opportunity to cash in on recent gains, "There was a substantial surge in the market in the last two weeks and that’s because of end-quarter window dressing and the merger of Digital Telecommunications with PLDT. Abroad, we need not enumerate the political upheavals in the MENA region, Japan's recovery efforts from the natural disasters, Europe's continuing struggle with its debt, China and the emerging economies' inflation, and a looming budget impasse in the US," Calaycay said. Of the five most actively-traded stocks for the day, three ended in the red. Metropolitan Bank & Trust Co., one of the country's largest lenders, was flat at P67.85 Andrew Tan's holding firm Alliance Global Group Inc. shed P0.10 or 0.885 percent at P11.20. Gaming firm Leisure & Resorts World Corp. dipped P0.86 or 7.2513 percent to P11. Geothermal power producer Energy Development Corp. jumped P0.18 or 2.765 percent to P6.69. Telecommunications giant Philippine Long Distance Telephone Co. dropped P34 or 1.4262 percent to P2,350. -- CMA/OMG, GMA News