Stocks mixed as political noise spooks players

Philippine share prices ended marginally higher on Thursday as investors, worried about political developments in the domestic front, remained on the sidelines, analysts said. The 30-company Philippine Stock Exchange index jumped 7.85 points or 0.25 percent to 3,112.85 while the all-share index gained 3.41 points or 0.18 percent at 1,909.44. Despite the main index's advance, losing stocks edged out gainers 55 to 48 while 52 stocks were unchanged. Volume traded reached 1.28 billion valued at P2.7billion. Lawrence De Leon, Accord Capital trader, said only the property index lifted the main index as players are closely monitoring the big anti-administration rally to be held tomorrow. The property index soared 32.10 points or 2.7646 percent to 1,193,19. "We expect the market to continue moving sideways because of this political noise," De Leon said. Telecommunications giant Philippine Long Distance Telephone Co. dropped P35 or 1.21 percent to P2,860. Developer Megaworld Corp. surged P0.28 or 12.07 percent to P2.60. Property company Ayala Land Inc. was flat at P12. Lopez-owned electricity distributor Manila Electric Co. was steady at P78. Geothermal power producer PNOC-Energy Development Corp. rose P0.20 or 3.23 percent to P6.40. - Cheryl Arcibal, GMANews.TV