Philippine stock exchange
the index was up by mere 0.02 percent or 0.84 of a point to 4,191.96, while the broader all-share index lost 0,01 percent, or 0.27 a point 2, 664.33.
Trading volume remains thin with only 2.19 billion shares worth P8.24 billion ($ 191 million) was changed hands. of the six counters finished industry and property sectors in the negative.
Decliners led advancers 77 to 60, while 41 shares does not move.
"Investors expected decline in the Dow Jones industrial average Tuesday and trade-day decline in the local shares to buy troubled questions", said Paul Balaoing, analyst PCCI Securities Brokers Corp. in an interview.
The local market would have finished lower if not as Balaoing said shows last minute bargain hunting, that investors continue to trust in market shares.
"Foreigners will the emerging markets and currently rotating their portfolios
"Balaoing said.
Despite the previous purchaser said Balaoing, the Philippine market remain overbought, hence the need for more correction."The market needs to take a breath make a push to 4 500 level by yearend.It has been rationally exubuerant over the past few months, "said Balaoing with note that even during the season ghost is Philippine shares together to record heights.
Right now, the Philippine market is at his "point correction" and it remains to be seen how it will move in the next few days, he said.
But the analyst added that the release of third quarter results will probably push some higher problems next month.
Stocks in the 30-company-index closed mixed. among those who were sold down is the Alliance Global group, Inc., Ayala Land, Inc. and SM Prime Holdings, Inc.
Heavyweight Philippine long distance telephone co., Metropolitan Bank & Trust Co. and Metro Pacific investments Corp. completed, on the one hand the session higher.
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