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MANILA - (UPDATED 4:49 p.m.) Philippine share prices on Tuesday pared earlier gains as investors capitalized on the market's intraday strength to book profits.
At the Philippine Stock Exchange, the composite index rose 4.43 points or 0.09 percent to 4,958.43. During the afternoon break, it was up by as much as 0.8 percent, just a few points below the 5,000 level.
Gains were tempered by the 1.12-percent decline of the property sector.
Advancers narrowly beat decliners, 79 to 78, while 36 issues were unchanged. A total of 1.85 billion stocks worth P4.21 billion changed hands.
"Some investors took advantage of the intraday technical rally to offset losses from the market's recent consolidation," said Freya Natividad, investment analyst at 2TradeAsia.com.
At the start of trading, local equities tracked the rally in Asian markets on growing optimism that Europe could agree on new measures to resolve its sovereign debt crisis while promoting growth.
Overnight, the Dow Jones industrial average jumped 135.10 points, or 1.09 percent, to 12,504.48.
The market’s action in the recent sessions points to a growing battle between the bulls and the bears, according to analysts.
"The premises for growth incorporated into the original and still unaltered 2012 outlook holds with very little change in bias, except probably for Europe," said Jun Calaycay of Accord Capital Equities Corp.
"On the other, the recent market action has given rise to heightened risk-aversion, magnified by heavy foreign selling last week," Calaycay added.
Actively traded stocks were PLDT, DMCI, SM Prime, Philex Mining and Metrobank.
Top gainers were MJC Investments, Manila Jockey Club and Polar Property Holdings, while the day's biggest losers were Victorias Milling, Central Azucarera de Tarlac and Araneta Properties.
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