Friday, July 23, 2010

Stocks end flat

MANILA, Philippines - The stock market ended little changed on Friday as profit taking in select stocks pared down gains prompted by Wall Street's rally overnight.

The key Philippine Stock Exchange index inched up 1.20 points or 0.04% to 3,416.10.

The broader all-share index rose 4.39 points or 0.2% to 2,173.60.

Except for the industrial and property sectors, all subindices finished in green.

Gainers beat losers, 55 to 45, while 75 issues were unchanged.

A total of 1.39 billion shares worth P4.4 billion were traded.

Philippine National Bank was the most actively traded stock by value, rising 13% to a fresh 30-month high of P43.50. Traders said investors continued to pick up the stock on expectations it will soon merge with affiliate Allied Bank.

Second most active was mall operator SM Prime Holdings Inc., which closed unchanged at P10.50. Of the 34 million shares traded on SM Prime, 31 million shares consisted 3 cross transactions.

Third most active was market heavyweight Philippine Long Distance Telephone Co., gaining 0.8% to P2,430.

Meantime, Energy Development Corp. and Semirara Mining were also actively traded.

EDC shares were up as much as 2.2% intraday after it disclosed that its net income more than doubled in the first half of 2010 from last year. EDC shares however closed flat at P4.60.

Semirara, on the other hand, jumped 5.6% to P112, its highest closing price.

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