PHL share prices post modest gains

Philippine share prices posted modest gains on Monday following the government's announcement that the country's economy grew at a slower pace in the first quarter. The 30-company Philippine Stock Exchange index climbed 20.73 points or 0.49 percent to 4,295.24 while the all shares rose 9.70 points or 0.33 percent to 2,989.32. Gainers beat losers, 66 to 59, while 49 stocks closed unchanged. The six sectoral indices were split in half with Financials, Industrial and Property in the green, while Holding Firms, Services and Mining & Oil ended in the red. Volume traded reached 4.97 billion shares valued at P3.25 billion. "With a seeming lack of catalysts, the main index will stay between its current trading range of 4,200 and 4,340...The main index may top 4,300 once again but will not find enough reason to post a new YTD (year-to-date) high," said Prince Anthony Yeung of AB Capital. The government has announced that the economy grew 4.9 percent in the first three months of the year, significantly lower than the 8.4-percent improvement in the same period in 2010. "Foreign concerns will persist, leading to more sidewards movement for the overall market. Meanwhile, local developments that investors will keep an eye on include inflation levels and the economic growth that the country posted during the first quarter of the year," Yeung added. Of the five most active stocks for the day, three advanced. Telecommunications giant Philippine Long Distance Telephone Co. dipped P28 or 1.13 percent to P2,450. Consunji-owned DMCI Holdings Inc. slipped P0.50 or 1.24 percent to P39.90. Gokongwei-led Universal Robina Corp. jumped P1 or 2.33 percent to P44. Aboitiz Power Corp. advanced P1.10 or 3.80 percent to P30.10. Port operator International Container Terminal Services Inc. gained P2.20 ot 4.40 percent at P52.20. -- CMA/OMG, GMA News