Index moves sideways for the second day

Share prices stayed flat in yesterday’s trading as investors scattered off in different directions, sending the main index on a sideways drift for the second day.

Bargain hunters made their move but the profit takers made more of an impact on the market as the Phisix slid a notch lower, going down 0.76 point or 0.05 percent to 1,468.44.

Mixed sentiment, however, prevailed throughout the session as the nation awaits the development of the landmark impeachment trial against President Estrada at the Senate.

Investors also took the occassion to sift through the spate of third quarter corporate financial results released in time for the Nov. 15 deadline at the Securities and Exchange Commission, picking up those with a good record of earnings growth.

A total of 40 stocks advanced, 32 went down and 33 were unchanged as the sub-indices likewise closed mixed, with commercial-industrial, finance and property counters going up; oil dropping; and mining closing steady.

Turnover improved to P2.371 billion on the back of a P1.026-billion block sale of Philippine Seven Corp. (PSC), the local franchise holder of the 7-Eleven convenience store chain.

There were a series of three PSC block sales handled by CLSA Securities. Alakor Securities and Jardine Fleming totalling 123.567 million shares valued at P8.30 each. The sale represented the buy-in of Taiwan’s President Chain Store Corp. (PCSC) signed in early October, along the transfer of shares among minority shareholders and sister firms Alakor Corp. and Anglo-Philippine Holdings, both controlled by Alfredo Ramos of the National Bookstore chain.

Taiwan’s leading retailer and 7-Eleven franchisee PCSC, on the other hand, has acquired over 119.57 million common PSC shares to gain a controlling 50.4 percent of the company.

Lending the active list this time was Globe Telecom, which rose P20 to P650 and making up 16.28 percent of aggregate deals. The Ayala-owned telecom firm reported a 62 percent surge in its net income in nine months, breaching the P1-billion mark from P650.6 million a year ago due to the continued growth of its mobile phone business.

Equitable PCI Bank accounted for 10.56 percent of total trades as its shares likewise rose P1 to P69. The country’s third largest bank earned P1.178 billion in nine months, slightly lower than the previous year due to the added expenses in relation to the merger between Equitable Bank and PCI Bank.