The Philippine stock market posted a very tame opening for the year, closing flat on very thin trade, just one-third of the daily average of P3 billion.

The Philippine Stock Exchange index (PSEi) was down 4.31 points, a 0.1 percent decline to 3,617.29.

The broader all-share index also shed 0.97 point to close at 2,215.78.

Gainers dged losers 57 to 39, with 53 stocks unchanged. Trading turnover reached only 2.7 billion shares for P1.1 billion. Profit taking whittled down gains in early trading.

Astro del Castillo, First Grade Holdings Inc. managing director, said it was "holiday flu" with traders still enjoying their vacation.

Del Castillo said performance of other foreign markets, higher oil prices, and the effect of a slow down in the US economy remain the market’s primary concern.

Philippine Long Distance Telephone Co. (PLDT) shed P25 to P3, 150. PNOC Energy Development Corp. was up P0.30 to P6.80. Philex Mining Corp. was up P0.30 to P9.80. Manila Water Co. Inc. was up P0.75 to P19.25. Ayala Corp. was down P20 to P545. Megaworld Corp. was up P0.15 to P3.90. San Miguel Corp. A shares were steady at P59, B shares shed P0.50 to P59.

Other bourses started the new year on a cautious note, pressured by losses on Wall Street and worries about a slowing global economy, but oil and gold were within sight of record highs.

As trading resumed after the New Year holidays, mining stocks such as BHP Billiton Ltd. helped buoy Australian shares.

Tokyo, the region’s largest market, remained shut for the New Year holidays. "The miners are supporting the market’s turnaround," said Macquarie Equities division director Lucinda Chan.