Still taking cues from global developments, local share prices seesawed in volatile trading on Thursday until the benchmark index shed few points toward the end of the session.
“Trade remained soft Thursday as investors stayed on the sidelines ahead of an all-important employment numbers in the United States [US] on Friday,” Jun Calaycay, Accord Capital Equities Corp. analyst, said, explaining that major threats to market sentiments move alternately from North America, Europe and the Middle East.
Calaycay, however, said that the benchmark index is expected to continue to find a more solid footing, as it moves to a consolidation phase within the 6,200-point to 6,520-point range.
Toward the end of the session, the Philippine Stock Exchange index (PSEi) shed its early session gains, losing 15.86 points, or 0.24 percent to 6,464.26.
The wider all-shares index, however, managed to stay in the green throughout the end of the session, gaining 2.02 points, or 0.05 percent to 3,955.32.
Mining and oil also capped the session with a 6.44-percent improvement, or 884.22 points to close at 14,614.98.
Services, on the other hand, gained slightly by 0.42 percent, or 8.02 points to 1,933.35, followed by financials, which went up 0.31 percent, or 5.08 points to close at 1,641.95.
Property was positively flat with a gain of 0.16 percent, or 4.02 points to 2,532.33.
Industrial, however, fell short toward the end of the session, losing 57.22 points, or 0.59 percent to close at 9,672.91, while holding firms fell by 28.79 points, or 0.49 percent to 5,885.18.
Value turnover was at P5.42 billion. Market breadth remained the same as gainers outnumbered decliners, 99 to 57, while 36 issues were unchanged.
Some of the most actively traded stocks were SM Prime Holdings Inc., SM Investments Corp., Ayala Land Inc., Metro Pacific Investments Corp., Manila Electric Co., Alliance Global Group Inc., Philippine Long Distance Telephone Co. and First Gen Corp.
On Wednesday, Philippine shares were also trading sideways. However, the PSEi still managed to make a slight recovery on mixture of good and bad global news. The benchmark index gained 31.94 points, or 0.50 percent to end at 6,480.12.