PHL share prices end flat, buck gains in global markets

Philippine share prices closed flat on Friday despite substantial gains in global markets. The bellwether 30-company Philippine Stock Exchange index inched down 1.23 points or 0.029 percent to 4,290.17 while the all shares added 6.30 points or 0.21 percent at 3,024.20. Gainers, however, trounced losers, 100 to 51, while 39 stocks closed unchanged. Except for Services, which slid 1.89 percent, all other five sub-indices advanced led by the 2.28-percent rise in Property. Volume traded reached 3.06 billion shares valued at P5.64 billion. "Riding on a 180 points rise in the Dow overnight and the easing of tensions in Europe's financial state, the local market extended Thursday's advance restoring a previous support, but failed to end on a positive note and fell short of erasing losses sustained through mid-week," said trader Justino Calaycay Jr. of Accord Capital Equities. Asian markets were upbeat as of mid-trade Friday following a decision by European Central Banks to coordinate efforts to boost global recovery by taking measures to solve the Eurozone's debt crisis. In the local bourse, three of the five most active stocks closed in the green. SM Investments Corp., the parent firm of the SM group and the day's top traded, slipped P5 or 0.89 percent to P555, while units SM Prime Holdings Inc. jumped P0.10 or 0.77 percent to P13 and Banco de Oro Unibank Inc. climbed P0.45 or 0.79 percent to P57. Lepanto Consolidated Mining Co. "A" rose P0.08 or 6.11 percent to P1.39. Telecommunications giant Philippine Long Distance Telephone Co. dropped P84 or 3.52 percent to P2,300. - CMA/OMG, GMA News