Stocks closed flat Wednesday amid lackluster trading, as traders turned cautious after US government figures showed a decline in productivity.
The Philippine Stock Exchange index, the 30-company benchmark, shed just 3 points, or less than 0.1 percent, to close at 8,051.40. The bellwether was still up 15.8 percent since the start of the year.
The heavier index, representing all shares, also closed flat at 4,778.89, on a value turnover of P8.2 billion. Losers outnumbered gainers, 106 to 83, while 41 issues were unchanged.
Thirteen of the 20 most active stocks ended in the green, led by poultry producer Vitarich Corp. which climbed 9.8 percent to P1.79 and Megawide Construction Corp. which rose 7.9 percent to P12.60. Port operator International Container Terminal Services Inc., which is opening a container port in Australia this year, gained 3.3 percent to P63.55.
Meanwhile, traders were cautious, with markets flitting in and out of positive territory despite a positive lead from Europe and in the US, where the technology-rich Nasdaq ended at a new record on Tuesday.
The dollar dropped to 101.43 yen from 101.88 yen in New York and was sharply down from 102.44 yen in Tokyo Tuesday, after the US Labor Department reported second-quarter productivity had fallen 0.5 percent.
The Japanese unit is seen as a safe haven in times of uncertainty, but a stronger yen is negative for Japanese shares because it dampens the overseas profitability of exporters.