PHL stocks close on mixed note, PSEi edge higher

Philippine shares closed on a mixed note in moderate trading Tuesday, as players unloaded second-tier stocks and institutional investors took positions in blue chips for the coming year. “Overseas developments, particularly the European debt woes" kept the tone moderate and cautious, said investment analyst Freya Natividad of F. Yap Securities Inc. The main Philippine Stock Exchange index (PSEi) advanced by 6.86 points or 0.15 percent to close at 4,363.73. More than 2 billion shares valued at P4.136 billion changed hands. Decliners led advancers 80 to 70 and 37 issues were unchanged, reflecting mixed sentiment among market participants. “We expected a climb on moderate tone for today, with the market still depending a lot on overseas developments," said Natividad, noting that the PSEi broke through the 4,350 psychological barrier, with the technical resistance between 4,380 and 4,390. According to Reuters, “US stocks fell on Monday as rising bond yields in Italy and other euro-zone countries reminded investors that despite changes in governments, the region's debt crisis could still spin out of control... The Dow Jones industrial average dropped 74.70 points, or 0.61 percent, at 12,078.98." “Here at home local portfolio managers are taking positions for next year," said F. Yap’s Natividad. “So we expect a positive close for the rest of the year," Natividad added. — TJD, GMA News