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Philippine shares end almost flat as market consolidates

Philippine shares end almost flat as market consolidates

Philippine shares ended little changed Friday as investors locked in gains from a previous session.
The benchmark 30-company Philippine Stock Exchange Index fell 0.03 percent at 2,560.22, after soaring 3 percent Thursday.
"The market staged a huge jump yesterday, so there was a bit of profit-taking," said Eagle Equities President Joseph Roxas.
Traders credited favorable September inflation data, the prospect of lower Central Bank interest rates, easing concerns over the economic costs of last week's typhoon and an upbeat fiscal and economic outlook for the Philippines.
Profit-takers focused on Philippine Long Distance Telephone Co., the most actively traded stock, down 2 percent to 2,180 pesos.
Property concern Robinsons Land shed 3.6 percent at 13.50 pesos.
Among gainers, Ayala Corp. was up 4.8 percent at 495 pesos.
Advancers led gainers 64 to 49, while 45 stocks were unchanged.


Updated : 2021-08-05 05:38 GMT+08:00