PHL share prices end lower as overseas worries hound investors

Philippine stocks closed lower on Monday as overseas worries continued to hound investors. The 30-company Philippine Stock Exchange lost 2.15 points or 0.05 percent at 4,289.29 while the all shares shed 1.82 points or 0.06 percent at 2,986.02. Losers edged out gainers, 70 to 58, while 41 stocks closed unchanged. The six sectoral indices were split right in the middle, with Financials, Industrial and Services closed in the green, while Holding Firms, Property and Mining & Oil ended in the red. Volume traded reached 3.32 billion shares valued at P3.45 billion. "External factors will be a driver...In the US, the Fed's statement on its growth outlook and the weakness in labor and housing markets seem tougher conditions to break out of. These factors will continue to hound the local index slightly," AB Capital said in a market note posted at its website. Wall Street closed the week Friday on the bear's territoty. Asian bourses on Monday, meanwhile, were mostly down. Save for the main indices in Shanghai and Mumbai, all other bourses were trading at a loss. In the local market, of the five most active stocks, two closed flat, two posted gains and one retreated. Telecommunications giant Philippine Long Distance Telephone Co., the day's top traded, was unmoved at P2,392. Philex Mining Corp., the country's largest miner in terms of assets, dipped P0.50 or 2.15 percent to P22.80. Geothermal power producer Energy Development Corp. rose P0.05 or 0.76 percent tp P6.62. Holding firm Alliance Global Group Inc. was unchanged at P10.70. Security Bank Corp. surged P2.05 or 2.16 percent to P97.05. -- CMA/OMG, GMA News