PSEi ends flat amid uncertainty on US debt ceiling issue

Philippine share prices closed flat on Thursday as the uncertainty over the US debt ceiling issue kept investors from making a definitive position. The bellwether 30-company Philippine Stock Exchange index inched down 0.09 points or 0.002 percent at 4,482.80 while the all shares added 2.71 points or 0.09 percent at 3,110.57. Losers led gainers, 76 to 60, while 48 stocks closed unchanged. Except for Services and Industrial sectors, the other four sub-indices closed in the green, led by Mining & Oil's 0.67-percent rise. Volume traded reached 3.41 billion shares valued at P4.28 billion. "Stocks will remain pressured...as investors will be reluctant to invest in risky assets like stocks. Such will be the case until there will be clarity over the debt situation in the US," said AB Capital in a market note posted online. Overnight, Wall Street skidded with the Dow losing nearly 200 points while tech-heavy Nasdaq slid 75.17 points. The US Congress has yet to find a compromise on raising the debt ceiling as the August 2 deadline looms. In the local bourse, four of the five most active stocks closed in the red. Metropolitan Bank & Trust Co. jumped P0.15 or 0.20 percent to P77.10, while rival Banco de Oro Unibank Inc. climbed P0.45 or 0.71 percent to P63.70. Semirara Mining Corp. fell P3.40 or 1.46 percent to P230. IP E-Game Ventures Inc. soared P0.90 or 4.69 percent to P20.10. Developer Filinvest Land Inc. gained P0.01 or 0.77 percent at P1.30. -- CMA/OMG, GMA News