Philippine stocks close lower on lack of leads

16:31, June 01, 2010      

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The Philippine stock market finished marginally lower Tuesday as some investors decided to book their gains on lack of leads.

The benchmark Philippine Stock Exchange index lost 6.11 points to 3,266.62, while the all-share index shed 0.12 percent or 2.48 points to 2,062.55.

Trading volume reached 2.51 billion shares worth 2.77 billion pesos (59.9 million U.S. dollars) with more foreign buyers than sellers at 48.44 million pesos (1.05 million U.S. dollars).

Decliners beat advancers 49 to 47 while 65 stocks did not move. Of the six counters, only the financial sector and the services bucked the market's decline.

"Trying to keep its rally, the local stock market ended flat on lackluster trading. Lack of leads led to thin trading today as U.S. markets were closed for Memorial Day last night," said Prince Yeung, analyst at AB Capital Securities, Inc.

The local equities track the U.S. market.

Yeung added the thin volume suggests that investors were not keen on making any moves and were focused mostly in selected issues that had significant developments.

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