MANILA, Philippines — Local stocks finished the week on a sour note as investors continued to cash in following the market’s recent rally.
The benchmark Philippine Stock Exchange index (PSEi) dropped for the second consecutive session, shedding 1.39 percent or 86.98 points to 6,154.99.
The broader All Shares index likewise fell in the negative territory, slipping by 0.63 percent or 23.41 points to settle at 3,663.64.
“Philippine investors took profits ahead of the weekend, assessing the latest CPI report and global developments,” Luis Limlingan of Regina Capital said.
Abroad, Limlingan said that Wall Street closed mixed as investors weighed corporate earnings and shrugged off tariff concerns after US President Donald Trump paused duties on Mexican and Canadian goods.
Net value turnover in the local market reached P5.71 billion, slightly higher from the previous day’s P4.7 billion.
Only the mining and oil index finished higher among the sectors with a 0.26-percent increase.
Services suffered the biggest drop at 1.96 percent, followed by holding firms and industrial, which declined by 1.45 percent and 1.24 percent, respectively.
Market breadth was negative as decliners crushed advancers, 115 to 75, while 50 issues did not change.
Banks were among yesterday’s most actively traded companies, with BPI climbing by 3.39 percent to P131.30 per share, followed by BDO which dropped by 3.75 percent to P138.70.
Asian equities were mixed yesterday as investors headed into the weekend awaiting the release of US jobs data, while traders kept a nervous eye on Washington where Trump is pressing ahead with a hardball trade agenda.
The week was on course for a tepid end, having begun with another bout of volatility after Trump imposed tariffs on leading partners China, Canada and Mexico.