Philippine stocks closed near 6000 level

The Philippine stock market is closed to breaking below the 6,000 level on Friday, raising fear that it might just do so before the year ends. The bellwether Philippine Stock Exchange index shed 0.27 percent or 16.01 points to 6,014.94, while the broader all-share index lost 0.39 percent or 14.59 points to 3,688.47. Trading volume reached 1.13 billion shares worth 5.90 billion pesos (134.74 million U.S. dollars). There were 94 stocks declining, 53 advancing, and 37 unchanged. Of the six counters, only the mining and oil sector and the property sector bucked the trend. "The biggest question that surfaces after the index retreated back to the 6,000 level is whether it still has enough legs for a final year-end push," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment. The analyst noted that after tipping the 6270 resistance line in the week opening trades, the PSEI, which is struggling to keep above the 6,000 level, is going into the final session of the final month of the trading calendar. The last three sessions since Tuesday, in fact, has wiped out 88% of the 219.11 points gained in the five days to Monday. This, Calaycay said, might have increased the number of naysayers who opted to stay out of the local equities until the selling spree is over. Stock in the 30-company index closed mixed. Investors dumped Ayala Corp. and Ayala Land, Inc. and picked up shares of heavyweight Philippine Long Distance Telephone Co. and Megaworld Corp.