The Philippine Stock Exchange (PSEi) main-share index shed 58.91 points or 0.96 percent at the dawn of the second quarter local corporate earnings reporting season to close at 6,088.75.
In another thin trading session on Friday, the local stock barometer slipped as investors dumped large-cap stocks, especially property firms.
“The PSEi ended the session on Friday lower as investors parsed mixed U.S. corporate earnings results and economic data following a decline in Asian markets. Fed (US Federal Reserve) officials warned that the outlook for the US is getting worse and they’re ready to deal with it, “said Luis Gerardo Limlingan, Regina Capital Development’s managing director.
The Philippine Stock Exchange was weighed down most by the property counter, which lost 3.51 percent. Property giants SM Prime and Ayala Land slid by 4.59 percent and 3.65 percent, respectively.
Less Than 1 Percent, Some Aspects Had Also Affected
The mining/oil counter fell by 1.34 percent. The financial, holding firm, and services all slipped by less than 1 percent.
On the other hand, the industrial counter added a marginal 0.02 percent.
Value turnover was thin at P4.11 billion. Foreign selling aggravated the market’s decline as there was a net outflow of P525.73 million for the day.
There have been 123 decliners beating 69 advancers while 44 stocks have remained unchanged.
Metro Pacific, apart from local property giants, weighed down the index with its 2.1 percent decline, while index heavyweight SM Investments — the most actively traded firm of the day — dropped by 1.39 percent.
PLDT, URC, BPI, Megaworld, and GT Capital all dropped below 1 percent.
Outside the PSEi, prominent decliners included MerryMart and Cirtek, who lost 3.35 percent and 4.51 percent.
On the other hand, AEV and Ayala Corp gained over 1 percent. BDO, Jollibee, and Globe all rose by less than 1 percent.
Outside the PSEi, there was extraordinary trading on ATN Holdings, which rose by 10 percent.
The PSEi dropped 108.63 points or 1.75 percent for the week.
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