Shares ease 13 pts on continuing political uncertainty

Share prices closed mixed as market sentiment got a lift from the hurdling of the dismissal motion on President Estrada’s impeachment case at the Senate, giving way to some bargain hunting largely in oil and mining stocks.

But with the realization that the impeachment trial is still on its initial stage, investors’ mood soon turned cautious, again giving up gains in intraday trades as the prevailing political uncertainty and a one-day break on account of National Heroes Day kept players holding on to their funds.

The Phisix see-sawed throughout the session before ending 13.21 points or 0.93 percent lower to mark its fifth consecutive drop at 1,404.83. The broader All-Shares index slid a marginal 1.79 points or 0.25 percent to 708.75.

Among the counters, only oil and mining advanced while the rest (commercial-industrial, finance and property), where most of the index stocks are, headed south.

Gainers slightly trailed losers, 29 to 33, while 38 issues were unchanged. Value turnover stood at P695 million from about P684 million the previous day.

Telecom stocks again dominated trading with PLDT and Globe Telecom Holdings leading the way, each making up 19 percent of total details. Index-heavy PLDT closed P5 lower to P805 while the newly-listed Globe PDRs stood steady at P660.

Other heavily traded stocks finished either lower or unchanged: Fairmont Holdings or BW Resources succumbed to profit-taking, wiping off four centavos to P1.28; Meralco B dropped P1.50 to P44.50; Bank of Philippine Islands fell P1 to P53.60; while San Miguel B, Sun Life and Ayala Corp. were flat at P61, P990 and P7.20, respectively.

Among the notable gainers in the active list were Metrobank (up P2 to P170); Manulife (up P10 to P1,170); and Union Cement (up two centavos to P0.70).

In corporate news, majority shareholders of Philippine Seven Corp. – the local franchisee of the 7-Eleven convenience store chain – agreed to pool their holdings and voting power amounting to two thirds (67 percent) of the company’s outstanding shares until March 2002 "for the purpose of promoting the efficient management and best interest of PSC."

The controlling block include majority owner President Chain Store Corp. of Taiwan, Vicente Paterno, the Araneta’s Progressive Development Corp. Asian Holdings Corp., Agus Development Corp. and Alfredo Ramos’ Alakor Corp.

Imperial Resources, one of the newest market recruits in the Internet field, signed a deal with Cisco Networking Academy for the latter to provide the program and coursewares designed to teach students how to design, build and maintain computer networks for local, national and global business.