Local stocks flat as investors await Fed meeting

ABS-CBN News

Posted at Aug 10 2010 01:11 PM | Updated as of Aug 10 2010 09:18 PM

MANILA, Philippines - Local stocks ended little changed on Tuesday as regional markets traded mixed ahead of the US Federal Reserve's policy meeting.

The Fed's rate-setting panel will meet later Tuesday and while it is expected to keep rates on hold, there is speculation it may return to crisis-era stimulus measures after poor US jobs data.

Paring down early gains, the benchmark Philippine Stock Exchange index ended up only 1.06 points or 0.03% at 3,525.81.

The broader all-share index rose 2.90 points or 0.1% to 2,237.16.

Gainers outnumbered losers, 70 to 57, while 40 issues were unchanged.

A total of 1.75 billion shares worth P4.43 billion were traded.

Philippine Long Distance Telephone Co. was the most actively traded stock by value as it added 0.1% to 2,446.

Second most active was Megaworld Corp., which went up 1.1% to P1.78 on net foreign buying.

Meanwhile, Megaworld's parent firm, Alliance Global Inc., hit a 38-month high of P6.61 before closing higher by 2.7% at P6.52. Alliance Global is expected to report higher earnings on Friday next week.

ABS-CBN Corp. and Lopez Holdings Inc. also rose to fresh highs today.

ABS-CBN shot up by 7.4% to a 10-year high of P52.50 after it announced that its first half net income grew by almost fourfold to P2.26 billion. The gains boosted interest in its parent, Lopez Holdings, which jumped 4.2% to a 31-month high of P4.20. - With a report from Maiki Oreta, ABS-CBN News