(UPDATE) Stocks close flat on lack of fresh leads

MANILA, Philippines (Xinhua) - The stock market extended its lackluster performance today as the lack of fresh leads prompted investors to remain on the sidelines.

The bellwether Philippine Stock Exchange index slipped by 0.005 percent, or 0.34 point, to 6,889.55, while the broader all-share index managed to gain 0.11 percent, or 4.71 points, to 4,129.89.

Trading volume reached 930.88 million shares worth P6.8 billion ($157.2 million), with 84 stocks declining, 78 advancing, and 64 remaining unchanged.

Three of the six counters closed down. These include financials, mining and oil sector, and property index.

"Thin trading has been the theme of the stock market this week as investors opt to stay on the sidelines due to lack of significant catalyst to push or pull the market," analyst Joyce Anne Ramos of AB Capital Securities, Inc. said in her daily stock market comment.

Ramos said the cautious stance of market participants has been reflected on the tight band that the index traded on in the past few weeks.

This, she said, will likely continue in the coming four-day trading week as investors will have to digest the content of Philippine President Benigno Aquino III's State of the Nation Address on Monday and as they await the release of the second- quarter corporate earnings.

"Recall that the index failed to breach or remain at the 7,000 level due to valuation concerns. Should the earnings turn out better than expected, this will give investors the incentive to drive up the market," Ramos said.

In the meantime, she said investors will most likely adopt a wait and see stance.

Stocks in the 30-company index were mostly up. These include Globe Telecom, Inc., Alliance Global Group, Inc., and heavyweight Philippine Long Distance Telephone Co.