Stocks flat on concerns over US economy

By Maiki Oreta, ABS-CBN News

Posted at Aug 11 2010 01:22 PM | Updated as of Aug 11 2010 09:22 PM

MANILA, Philippines - Local shares ended flat on Wednesday as concerns over the health of the US economy weighed on investor sentiment, and overshadowed strong corporate financial results.

At the close of trading, the benchmark Philippine Stock Exchange index fell 0.09% or 3.17 points to 3,522.72.

The broader all-share index also declined by 0.2% or 3.80 points to 2,233.47.

Except for the financial and services sectors, all subindices were in red.

Losers beat gainers, 81 to 53, while 35 stocks were unchanged.

Value turnover picked up, totaling P5.01 billion, on the back of numerous cross transactions.

Philippine Long Distance Telephone Co. was the most actively traded stock by value as it gained 0.2% to P2,450.

DMCI Holdings Inc. and Lopez Holdings Inc. were also actively traded.

DMCI added 1.9% to P21.50 while Lopez Holdings shot up 8.1% to a fresh 31-month high of P4.54. Lopez Holdings' unit, ABS-CBN Corp., advanced as well after reporting a 179% surge in first half net income.

ABS-CBN rose 2.7% to a new 10-year high of P53.90.