Local stocks steady on profit results

By Maiki Oreta, ABS-CBN News

Posted at Aug 16 2010 12:24 PM | Updated as of Aug 16 2010 10:56 PM

MANILA, Philippines - Local stocks were steady on Monday, bucking the slide in Asian markets as investors focused on corporate earnings.

The main index of the Philippine Stock Exchange ended 0.3% or 10.06 points higher at 3,479.67.

The broader all-share index gained 0.1% or 3.53 points at 2,207.18.

Decliners edged out advancers,  60 to 56,  while 50 closed unchanged.

A total of 1.147 billion shares worth P3.85 billion changed hands.

"It was the upbeat earnings results from a few locally listed firms that prompted the buying," said one trader.

Metropolitan Bank and Trust Co. was the most actively traded stock by value, jumping 4.3% to P62.20 after it announced that its second quarter profit rose by 43% year on year to P1.7 billion.

Second most active was Jollibee Foods Corp. It shed 1.4% to P81.10 on continued profit taking.

Meanwhile, Philippine Long Distance Telephone Co. (PLDT) and rival Globe Telecom Inc. also succumbed to heavy selling.

PLDT lost 2% to P2,398 while Globe fell 1.3% to a fresh 52-week low of P762.50.