Index ends at fresh one-month low
MANILA, Philippines - Investor sentiment remained negative in local equities as the slowdown in the countries first-quarter economic growth continued to shadow the climb in overseas markets.
The benchmark Philippine Stock Exchange index (PSEi) lost 0.43 percent or 29.02 points to finish the week at 6,647.65, while the broader All Shares index shed 0.16 percent or 6.52 points to 3,997.57.
It is the lowest closing for the main index since ending at 6,636.45 on April 29.
“There was follow-through selling given the lower-than-expected gross domestic product data on Thursday,†said Freya Natividad, investment analyst at Papa Securities.
However, Natividad said the decline was tempered by end-month window dressing, or the strategy among fund managers to improve the appearance of their portfolio by selling lagging stocks and buying outperforming stocks.
The local market bucked the uptick overseas. On Thursday, the Dow Jones industrial average gained 0.39 percent or 65.56 points to close at 16,698.74, while the broader Standard & Poor’s 500 index rose 0.54 percent or 10.25 points to 1,920.03, a record high, as investors pinned their hopes on a stronger US economy in the second quarter.
Other Asian markets also benefited from the gains in Wall St.
Locally, most counters were in the red, paced by industrial firms that slipped 1.23 percent or 126.12 points to 10,111.97. But holding firms added 0.37 percent or 22.66 points to end at 6,071.67.
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