PHL share prices drop amid mixed developments

Philippine share prices on Thursday closed mixed as bleak external issues warred with positive local developments. The bellwether 30-company Philippine Stock Exchange index lost 22.90 points or 0.52 percent at 4,375.85 while the all shares shed 0.70 points or 0.02 percent at 3,063.89. Market breadth, however, was positive with 68 gainers against 57 losers and 40 stocks that closed unchanged. Save for Mining & Oil and Industrial, which advanced 1.16 percent and 0.2 percent respectively, all other four sub-indices retreated. Volume traded reached 4.27 billion shares valued at about P4.71 billion. "...we do expect profit taking and a pull back. Notwithstanding, we see limited downside with immediate support at 4,320. Fundamentally, the improving fiscal situation has attracted investors' attention on the Philippines. Notwithstanding, external factors will still have a say on how sentiments go," said AB Capital in a market note posted online. Overnight, Wall Street posted modest gains. On Thursday, meanwhile, Asian bourses were mixed with Japan, Taiwan, New Zealand and Malaysia trading at a loss, while main indices in Australia, Shanghai, Hong Kong, Singapore and South Korea were trading higher. In the local market, four of the five most active stocks closed in the green. Diversifying conglomerate San Miguel Corp., the day's top traded, jumped P1.60 or 1.27 percent to P127.50. Geothermal power producer Energy Development Corp. rose P0.08 or 1.16 percent to P6.96. Atlas Consolidated Mining & Development Corp. climbed P1.20 or 5.61 percent to P22.60. -- CMA/OMG, GMA News