Share prices slightly up

The benchmark Philippine Stock Exchange index (PSEi) on Wednesday closed slightly down by 0.05 percent, or 3.21 points, to 6,320.96.

On Tuesday, share prices gained for the first time after seven trading days. The broader all-shares index on that day rose 0.22 percent to 3,860.60.

“The PSEI’s move to alternating days of gains and losses is a welcome sight, particularly coming off the heels of a seven-session slide. This indicates at the very least, the presence of bulls at the 6200-mark, lying in wait,” said Jun Calaycay, an analyst with Accord Capital Equities Inc. “Although the bears continue to hold dominance and the momentum indicators point to its favor, buying activity has picked up, and we may see a gradual shift in control. It may not be sudden, however, with the market possibly taking some time to build upside momentum.”

Trading was relatively thin, with 942.4 million shares valued at P7.3 billion changing hands, data from the Philippine Stock Exchange showed. There were 72 advancers against 85 decliners, with 36 companies ending unchanged.

Sub-indices came in mixed as only financials and services closed in the red, lower by 0.74 percent and 0.49 percent, respectively.

Industrial firms led gains at 0.78 percent, followed by mining and oil, up 0.33 percent.

Robinsons Retail Holdings Inc. was the most actively traded for the third day in a row. It gained 1.53 percent to P59.90 a share on Tuesday, after listing on Monday with a debut price of P58 a share.

This was followed by Philippine Long Distance Telephone Co. (-0.99 percent to P2,800), Universal Robina Corp. (-0.08 percent to P124.7), Metropolitan Bank and Trust (-2.07 percent to P80.55) and SM Investments Corp. (-0.07 percent to P767.50).  Miguel R. Camus