Stocks end 2-day advance

By Maiki Oreta, ABS-CBN News

Posted at Oct 05 2010 12:54 PM | Updated as of Oct 05 2010 09:25 PM

MANILA, Philippines - The stock market ended its 2-day advance on Tuesday, ignoring benign inflation data.

The benchmark Philippine Stock Exchange index fell 0.39% or 16.33 points to 4,171.87.

Shortly after the market opened, the government announced that inflation came in at 3.5% in September, the lowest in 10 months, due to slow price increases across all commodity groups.

Meanwhile, the broader all-share index declined 0.1% or 2.89 points to 2,622.51.

Among subindices, only the services and mining and oil sectors finished in green.

Losers edged out gainers, 77 to 57, while 46 issues were unchanged.

A total of 2.84 billion shares worth P6.3 billion were traded.

Alliance Global Group Inc. was the most actively traded stock by value, closing down 0.4% to P9.50. But its shares were up by as much as 5.7% to a record high of P10.80 in early trade after it announced it was expecting its net income to grow by at least 38% this year, and in 2011.

Second most active was Philippine Long Distance Telephone Co., which added 1.3% to P2,684, tracking the 3% advance in its American Depositary Receipts.