Index ends Q1 on sour note
MANILA, Philippines - Local share prices closed the first quarter of the year on a sour note due to negative leads abroad, analysts said.
The Philippine Stock Exchange index dropped 0.28 percent, or 20.87 points, to end at 7,311.72, while the broader All Shares index slipped 0.27 percent, or 11.94 points, to settle at 4,399.71.
“Philippine markets closed the quarter on a weak note on the last trading day of March after news that US economic growth slowed at a slower than previously reported rate in fourth quarter,” Regina Capital’s Luis Limlingan said.
Most stock markets in Asia also suffered declines on the last day of the first quarter.
Limlingan, however, said some positive news were able to help save the local market from falling below the 7,300 support level.
Among these are the debut of Wilcon in the bourse and bullish outlook of listed firms.
All local counters finished in the red except for services firms which gained 1.32 percent or 20.20 points.
Leading the drop, meanwhile, were the property and holding firms counters, having lost 1.07 percent and 0.59 percent, respectively.
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