Thursday, May 03, 2007
Shares end flat ahead of May 14 elections (5:20 p.m.)
MANILA -- Philippine share prices changed little Thursday as investors exercised caution ahead of May 14 congressional and local elections.
The benchmark 30-company Philippine Stock Exchange Index dropped 0.46 points, or 0.01 percent, to 3,271.53, after gaining 0.04 percent Wednesday.
"We'll probably see further consolidation ahead of the elections," said First Grade Holdings analyst Astro del Castillo.
Ayala Corp. advanced 0.8 percent at P600, while Geothermal producer PNOC-Energy Development Corp. rose 3.5 percent to P5.90.
However, gains were offset by Metropolitan Bank & Trust Co., which fell 4 percent at 59.50. Globe Telecom Inc. was lower by 0.8 percent at P1,215.
There were 48 advancers and 48 decliners, while 61 stocks were unchanged.
The peso gained against the US dollar as banks locked in profits from the American currency's rise Wednesday.
The dollar closed at P47.590, down from P47.710 Wednesday. (AP)
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