PHL share prices close flat

Philippine share prices closed flat on Thursday as investors weighed both the dismal local economic performance in the second quarter and the generally positive mood of markets abroad. The benchmark 30-company Philippine Stock Exchange index added 18.09 points or 0.42 percent to 4,366.59 while the all shares inched up 8.59 points or 0.28 percent at 3,050.26. Losers edged out gainers, 66 to 65, while 35 stocks closed unchanged. Five of the six sub-indices closed in the green with Property advancing 1.38 percent. Only Mining & Oil retreated with a 3.05-percent slide. Volume traded reached P8.58 billion shares valued at P6.06 billion. The local market, despite having to contend with a slower than expected domestic growth in the second quarter, was helped by generally upbeat mood in global markets. The government reported that the Philippine economy expanded 3.4 percent in the April to June period, lower than its forecast of a growth of between 4.5 percent and 5.5 percent. “So far, the PSEi still tracks major indexes abroad. While the GDP figure was lower than forecast, the weaknesses being reported lately in various sectors have already indicated such outcome in Q2 growth...Meanwhile, issues under Mining and Oil will still remain as the major movers in the coming days. Gold has been flocked by investors as volatility in equities markets increase," said Maria Arlysa Narciso of AB Capital in a market note posted online. Overnight Wednesday, Wall Street posted modest gains, while as of mid-trade Thursday, most Asian markets were trading higher, led by Seoul Composite's nearly 2-percent rise. Four of the five most active stocks in the local session closed in the green. Lepanto Consolidated Mining Co. "A", the day's top traded, slipped P0.13 or 8.07 percent to P1.48. Telecommunications giant Philippine Long Distance Telephone Co. jumped P30 or 1.25 percent to P2,420. Diversified conglomerate San Miguel Corp. climbed P2.30 or 1.84 percent to P127.10. Holding firm Alliance Global Group Inc. leaped P0.42 or 4.08 percent to P10.72. SM Investments Corp., the parent firm of the SM Group, surged P11 or 2.04 percent to P551. --CMA/OMG, GMA News