Bourse extends losses on 'disappointing' economic data

MANILA, Philippines (Xinhua) - The stock market again ended the trading session in the red today following the announcement of a slower-than-expected economic growth in the first quarter of 2014.

The bellwether Philippine Stock Exchange index lost 0.43 percent, or 29.02 points, to 6,647.65, while the broader all-share index retreated by 0.16 percent, or 6.52 points, to 3,997.57.

Trading volume reached 4.57 billion shares worth P16.34 billion, with 98 stocks declining, 66 advancing and 52 were unchanged.

Of the six counters, only the holding firm and the property sectors bucked the trend.

"Having broken below 6,700, investors might buy more time to wait until reactions to weaker-than-expected first quarter gross domestic product data has dissipated," 2TradeAsia.com said.

The online brokerage said expectations of higher inflation in the coming months may be used as an excuse by some investors to take profits.

The Philippine government announced on Thursday that gross domestic product grew by 5.7 percent in January to March, lower than the government's 6.5 to 7.5 percent growth target for the year.

"It might be prudent to wait for more stable movements within 6, 570-6,600, on hopes for improved fiscal spending that should trickle into allied sectors," 2TradeAsia.com said.

Stocks in the 30-company index closed mixed. Among those sold down were Ayala Land, Inc., Ayala Corp and Alliance Global Group, Inc.