PHL share prices post gains despite uncertainty over US debt woes

Philippine share prices closed the week in the green on Friday, posting modest gains despite the prevailing uncertainty over the US debt ceiling issue. The benchmark 30-company Philippine Stock Exchange index rose 20.83 points or 0.46 percent to 4,503. 63 while the all shares added 12.49 points or 0.40 percent to 3,123.06. Gainers outnumbered loser, 82 to 59, while 47 stocks closed unchanged. Except for Mining Oil, which dipped 0.04 percent, all other five sub-indices advanced, led by Services' 0.68-percent gain. Volume traded reached 3.61 billion shares valued at P4.48 billion. "Obviously, the market has retained its bullish outlook for local equities, although concerns over the US fiscal predicament is putting a lid on such optimism," said trader Justino Calaycay Jr. of Accord Capital Equities in a market note. Overnight, the Dow slipped 0.51 percent , while Nasdaq closed flat with a 0.05-percent rise. US lawmakers have yet to hammer a compromise regarding the US debt ceiling, which could lead the world's largest economy to a default as the August 2 deadline nears. In Asia, all markets were down, with main indices in Australia, Shanghai, Hong Kong, Indonesia, South Korea and Taiwan losing by some one percent each. - CMA/OMG, GMA News