PHL shares steady in thin trading as market consolidates

Share prices on the Philippine Stock Exchange was steady in thin trading Friday as the market enters a consolidation phase land ooks for more significant direction from overseas markets. “Our companies have good fundamentals, but we are still dominated by foreign funds," Equitiworld Securities Inc. trader Emmanuel Soller told GMA News Online. The main PSE index eased 3.97 points or 0.09 percent to close at 4,166.60. More than 2.709 billion shares valued at P2.814 billion changed hands during the session. “We are influenced by the negative influence overseas, particularly in the US and in Europe," said Soller. The market is now in a consolidation phase after the PSEi hit resistance at 4,218.61 on Oct. 17, the Equitiworld trader said, noting that the main index came from the 3,700 area on Sept. 26. “That happened despite the downward trend of overseas markets. We actually bucked that trend," he added. The market is focused more on second-tier stocks these days, and “the blue chips are not really moving well." Still, according to the Equitiworld trader, “that doesn’t mean that the foreign money isn’t here, because “they are always here." Winners led losers 70 to 66 with 44 issues closing unchanged. Overnight on Wall Street, the Dow Jones industrial average ended up 37.16 points, or 0.32 percent, at 11,541.78, according to a Reuters report. — RSJ, GMA News