Philippine shares flat in early trading on tepid reaction to Arroyo speech |
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Tue, 24 Jul 2007 03:54
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MANILA (Thomson Financial) - Philippine shares were little changed in early trading Tuesday on the market's lukewarm reception to President Gloria Arroyo's annual address to Congress where she vowed to focus on speeding up infrastructure and social services projects in the remaining three years of her term.The market also continued its consolidation with liquidity in the market being drained with the offerings of broadcaster GMA Network Inc, Philippine National Bank and Vista Land & Lifescapes Inc which will mark its trading debut on Thursday.At 10:22 am, the composite index declined 7.04 points to 3,731.50, while the broader all-share index edged down 0.41 point to 2,418.97.'The market was disappointed with the President's speech. There were no major monetary and fiscal policy announcements,' said Jose Vistan Jr, research director of AB Capital Securities.Vistan said the market was already on its way down Monday, but there was some last-minute buying in anticipation of a positive state of the nation address to Congress.'Since there was nothing new (in the speech), there is selling pressure now. We are due for more technical correction,' said Vistan.The early decliners were led by property developer Ayala Land Inc which fell 0.25 peso or 1.4 percent to 18.00, while market leader Philippine Long Distance Telephone Co shed 5.00 pesos or 0.2 percent to 2,680.00.Advancers included mall operator SM Prime Holdings Inc which gained 0.25 peso or 1.9 percent to 13.00 and Globe Telecom Inc which added 10.00 pesos or 0.7 percent to 1,375.00.(1 US dollar = 44.75 pesos)rocel.felix@thomson.comrf/jgrf/jgCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Philippine stocks close flat ahead of presidential address - UPDATE 