Local shares flat, track regional markets' weakness

By Maiki Oreta, ABS-CBN News

Posted at Aug 09 2010 12:18 PM | Updated as of Aug 09 2010 09:20 PM

MANILA, Philippines - Local shares ended flat on Monday, as gains were tempered by a mixed performance in regional markets, with investors weighing weaker than expected economic data in the US.

The main index of the Philippine Stock Exchange was unable to sustain early gains, ending just 0.2% higher at 3,524.70.

The broader all-share index inched up 0.1% at 2,234.19.

Gainers outpaced losers, 73 to 43, while 49 stocks were unchanged.

A total of 787.34 million shares valued at P3.03 billion changed hands.

Traders said investors in the region were concerned about the pace of the US economic recovery. On Friday, July non-farm payrolls fell by 131,000 and the jobless rate remained at 9.5%, compared with expectations for a 60,000 fall in jobs and a 9.6% jobless rate.

Market heavyweight Philippine Long Distance Telephone Co. was the most actively traded stock by value, losing 0.1% to P2,444.

Second most active was property giant Megaworld Corp., which extended its winning streak for the 6th straight day. Megaworld rose 1.1% to P1.75, bringing its total gain since Monday last week to 17%. Analysts said the firm is expected to announce higher second-quarter earnings on Friday.

Meanwhile, Metro Pacific Investments Corp. was also actively traded. It gained 2.3% to P3.50. The company plans to raise P8 billion through bonds or bank loans to fund its capital requirements.