Philippine stocks mostly down in selective trading

Philippine shares closed mostly lower in active trading Friday that focused on selected issues in the absence of market moving news overseas.   The main Philippine Stock Exchange index was little changed, down less than half a point to close at 4,893.00.   More than 14.165 billion shares valued at P9.638 billion changed hands during the morning and afternoon sessions.   Decliners led advancers 111 to 59, with 39 issues closing unchanged.   According to an associate of Summit Securities Inc., the market was like a roller coaster ride, with the PSEi opening on a strong note before a wave of selling came, followed by another wave of buying near the close.   “There was profit-taking, but investors bought up the market toward the closing, said Mark Angeles, head of research at First Metro Securities Brokerage Corp. Friday's trading was marked by speculation in selected issues, according to Summit and  First Metro.   Before the pre-closing session, the market was down about 20 points, Angeles noted.   In an emailed note about the market, BDO Unibank said Thursday’s attempt to touch the elusive 5,000 mark on the PSEi “suggests a near-term top may have been formed.”   Its analysis indicated “a reversal has occurred. This is further supported by the completion of a series of five waves in the daily chart and a divergence between the price chart and the relative strength index and the diminished volume.”   Other markets in the region were also dealing with mixed sentiment and a lack of strong positive news to boost trading.   “Asian shares crept higher on Friday as solid US data improved sentiment, but gains may be limited by concerns that rising oil prices could deal a further blow to the fragile euro zone economy and moves to take profits after recent rallies,” according to a Reuters report.   MSCI's broadest index of Asia Pacific shares outside Japan was up 0.2 percent, led by the growth-sensitive technology sector. It was set for a weekly loss of 0.2 percent, it added. — TJD, GMA News