MANILA, Philippines — The local stock market finished the week in the red as investors continued shop for bargains amid lack of positive catalysts.
The Philippine Stock Exchange index (PSEi) declined by 0.48 percent or 30.98 points to end lower for a second straight day at 6,413.18.
The broader All Shares index also slipped by 0.3 percent or 11.52 points, settling at 3,796.87.
“Profit-taking continued this Friday causing the local market to extend its decline,” Philstocks Financial research manager Japhet Tantiangco said.
“Investors also took a cautious stance while waiting for fresh leads, primarily the President’s upcoming State of the Nation Address as we as second quarter corporate results,” Tantiangco said.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the markets are still on a wait-and-see mode if US President Donald Trump would be willing to compromise and settle for lower tariffs during trade negotiations.
All sectors were in negative territory, except for holding firms, which inched up by 0.07 percent.
Property index and mining and oil were the biggest losers, plunging by 1.21 percent and 1.12 percent, respectively.
Total value turnover was almost flat compared to the previous day at P6.95 billion.
Decliners crushed advancers, 112 to 93, while 48 issues did not change hands.
DigiPlus was the session’s top traded stock, sliding by 0.92 percent to P27 per share, followed by BPI and Ayala Land which dropped by 1.76 percent and 2.82 percent, respectively, to P122.80 and P25.85.
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