Index hardly moves ahead of earnings season

MANILA, Philippines - Philippine stocks were little changed yesterday as investors opted to stay on the sidelines ahead of the earnings season.

The Philippine Stock Exchange index shed 0.005 percent or just 0.34 points to 6,889.55, while the broader all shares index rose 0.11 percent or 4.71 points to 4,129.89.

Gains in overseas markets failed to lift investor sentiment in the local bourse.

On Thursday, Wall Street ended mixed as new home sales offset the news on the decline of jobless claims.

The Dow Jones industrial average fell 0.02 percent or 2.83 points to 17,083.80, while the broader Standard & Poor’s 500 index inched up 0.05 percent or 0.97 point to close at 1,987.98, a new record high.

Most Asian markets ended higher yesterday. Japan’s Nikkei 225 improved 1.13 percent or 173.45 points to finish at 15,457.87, while Hong Kong’s Hang Seng index added 0.31 percent or 74.51 points to 24,216.01.

At home, trading was lackluster as turnover value slightly rose to P6.81 billion from P6.7 billion on Thursday. Decliners outplayed advancers, 84 to 78, while 64 stocks did not change.

Local counters were again mixed as losers were led by the property sector that lost 0.76 percent or 19.97 points to 2,596.97 but the service sector paced the gainers as it improved 0.58 percent or 12.10 points to 2,104.44.