Local stocks flat on US debt default fears


Posted at Jul 28 2011 01:22 PM | Updated as of Jul 28 2011 09:22 PM

MANILA, Philippines - Local stocks ended flat on Thursday following big losses on Wall Street as US lawmarkers have yet to strike a debt deal to avoid a disastrous default.

The Philippine Stock Exchange index fell 0.09 points or 0.002% to 4,482.80.

But the broader all-share index rose 2.71 points or 0.09% to 3,110.57.

Analysts said investor optimism about first-half corporate results helped trim market losses.

The industrial and services subindices fell, while the rest finished in green.

Decliners beat advancers, 76 to 60, while 48 issues were unchanged.

A total of 3.41 billion shares worth P4.28 billion were traded.

The White House and US lawmakers continue to bicker over a proposal to hike the debt ceiling to avert a default, which threatens to affect the world economy.

Wall Street was down for a third consecutive day, with the Dow plunging 1.59% overnight.