PHL share prices closed mixed as US markets remain volatile

Philippine share prices closed mixed on Thursday as investors wait for a better and clearer picture of the global economy. The main Philippine Stock Exchange index dipped 23.76 points or 0.54 percent to 4,342.69 while the all shares inched up 0.60 points or 0.02 percent at 3,014.62 Losers outnumbered gainers, 95 to 60, while 22 stocks closed unchanged. The six sectoral indices were split in half, with Industrial, Property and Services gaining between 0.42 percent and 0.48 percent, while Financials, Holdings Firms and Mining & Oil, slipping between 0.14 percent and 5.36 percent. Volume traded reached 15.6 billion shares valued at P7.79 billion. "US markets will remain volatile as questions about its economy persist...The local stock market's response has been somewhat muted as the backdrop that the local economy provides is more stable than that of the US. Even if this is the case, the PSEi may range trade as the US sorts out its mess," said Prince Anthony Yeung in a market note posted online. Overnight, the Dow climbed 1.29 percent while Nasdaq added 0.88 percent. As of mid-trade Thursday, Asia bourses were trading higher led by the over 2-percent advance in Nikkei. In the local bourse, three of the five most active stocks closed in the red. Lepanto Consolidated Mining Co. "A", the day's top traded, declined P0.18 or 10.06 percent to P1.61, while its "B" shares dipped P0.22 or 11.58 percent to P1.68. Diversified conglomerate San Miguel Corp. was flat at P124. Alternative power producer Energy Development Corp. rose P0.17 or 2.76 percent to P6.32. SM Investments Corp., the parent firm of the SM group, slid P1 or 0.19 percent to P532. -- CMA/OMG, GMA News