Shares flat in mid-trade on profit-taking
By Rocel Felix
Thomson Financial
First Posted 11:24:00 05/16/2008
MANILA, Philippines -- Shares were flat halfway through Friday's session as investors locked in profits after seven days of consecutive rallies.
At 10:31 a.m., Manila's 30-company composite index was up 4.53 points or 0.2 percent at 2,882.79.
The broader all-share index edged up 0.28 point at 1,773.69.
"Investors are trying to build confidence on some positive news from Wall Street. The market is attempting to carry momentum to the 2,900 level, but being a weekend and (after) days of gains, profit-taking is cutting into early advances today," said Rommel Macapagal, chairman of Westlink Global Equities.
The market opened firmer, buoyed by Wall Street's gains on better-than-expected economic data and a pullback in oil prices.
Index leader Philippine Long Distance Telephone Co. was unchanged at P2,690.00.
Shares of Southeast Asia's largest food and beverage conglomerate, San Miguel Corp., gave up early gains.
San Miguel's A shares, limited to local investors, were steady at P44.00, after hitting an early high of P45.00 in early trade. Its B shares, with no ownership limits, fell 1.1 percent to P46.00 after hitting a high of P46.50.
San Miguel reported Thursday that its net profit almost quadrupled to P11 billion ($257 million) in the first quarter, boosted by one-time gains on the sale of assets.
The company did not provide a comparative figure but said that excluding one-time gains, recurring net profit more than doubled to P4.1 billion. Consolidated revenue grew 11 percent to P39.2 billion.
Among miners, sector leader Philex Mining Corp. gained 3.0 percent to P6.80, lifted by gains in prices of base and precious metals.
Base metal prices rose on the London Metal Exchange on Wednesday as the earthquake in China increased concerns about supply. Aluminium gained 2.5 percent to close at a three-week high while copper rose 2.3 percent.
Gold prices rallied following strong physical buying in Asia. The most-active June Comex gold contract rose $13.40 or 1.6 percent to $879.90 an ounce.
($1 = P42.65)
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