Market ends week with losses

MANILA, Philippines — Stocks fell anew yesterday as last-minute selling pulled down the market in the red.

The Philippine Stock Exchange index fell for the seventh consecutive session, down by 0.27 percent or 18.26 points to end at 6,659.39.

The broader All Shares index likewise slipped by 0.24 percent or 8.47 points to settle at 3,517.40.

“The local bourse has extended its losing streak on last-minute selling,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial said investors sold shares at the last minute amid uncertainties on policy rates.

“It has already been anticipated that the Bangko Sentral ng Pilipinas and Federal Reserve would cut interest rates this year. However, given the increasing risks to the inflation, this could lead to a more cautious approach from both central banks,” Alviar said.

“In addition, foreign investors pulled the market down, registering an outflow of P567.78 million,” she added.

Net market value turnover, however, stood at P6.22 billion, according to Alviar.

The sectoral gauges were a mixed bag, with services, industrial, financials as well mining and oil ending in positive territory.

Property and holding firms, meanwhile, closed in the red.

Market breadth was negative as decliners crushed advancers, 108 to 77, while 51 shares were unchanged.

Wilcon Depot posted the biggest gain among index members with 3.73 percent, while Aboitiz Equity Ventures lost the most with 4.68 percent.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the stock market has corrected lower for the second consecutive week, declining by 1.3 percent or 86.07 points.