RP stocks drop as traders await new market leads

MANILA, Philippines - Share prices on Monday slightly dropped as investors, wary of the impact of a typhoon in the US, remained cautious throughout the session, analysts said. The 30-company Philippine Stock Exchange index shed 1.57 points or 0.0584 percent at 2,686.52 while the all-share index lost 6.36 points or 0.3811 percent at 1,662.39. Losers dominated gainers 47 to 24 while 58 stocks were unchanged. Volume traded reached 1.198 billion valued at P1.115 billion. Harry Liu, Summit Securities president, said that on a technical basis, the "sideways" movement of the bourse was a reflection of its mid-term consolidation. Liu added that on the "investors' side", there was nothing which could have propelled the players to either buy or sell stocks. "Investors are closely monitoring the global markets and the political events in the US. They're also looking at the commodity situation ," he said. Liu noted that with the arrival of Hurricane Gustav in the Gulf of Mexico, investors are anticipating crude prices to spike. On the local front, he also said investors are awaiting developments in the Mindanao conflict. "These are the reasons why we had a slow and quiet session," Liu said. Developer Megaworld Corp. jumped P0.02 or 1.3699 percent to P1.48. Telecommunications giant Philippine Long Distance Telephone Co. rose P10 or 0.3676 percent to P2,730. Property giant Ayala Land Inc. climbed P0.25 or 2.439 percent to P10.50. Geothermal power producer PNOC-Energy Development Corp. slipped P0.10 or 2.1978 percent to P4.45. Holding company SM Investments Corp. dropped P2.50 or 0.885 percent to P280. - GMANews.TV