Philippine stocks close flat on lack of fresh leads

The Philippine stock market closed Monday's session flat on lack of fresh leads.
After gaining as much as 30 points during the session, the bellwether Philippine Stock Exchange index (PSEi) erased most of the gains and added only 0.03 percent, or 2.16 points, to 6,844.31. The broader all-share index on the other hand inched up by 0.06 percent, or 2.49 points, to 4,106.28.
Trading volume reached 5.04 billion shares worth 8.61 billion pesos (196.76 million U.S. dollars) with 99 stocks declining, 83 advancing, and 47 unchanged.
Of the six counters, three bucked the PSEi's rally. These were financials, industrials, and the property sector.
"Share prices brushed off Friday's fall to regain its footing, rising nearly 30 points off the opening bell," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.
Calaycay said the index might have found "stiff resistance" at the 6,870 level because there was not much leads that could guide investors.
"Except for the rising tensions in Iraq, leads were few and far between over the weekend with U.S. and European equities practically flat in Friday's closing trades," Calaycay said.
As a result, the bear eventually caught up with the bulls and wiped out all gains by the pre-close phase.
Stocks in the 30-company index closed mixed. Among those sold down were Ayala Corp., SM Prime Holdings, Inc., and Globe Telecom, Inc.