Philippine stocks retreat as investors take profits after two-day rally
The PSE index closed at 5,761.95, while financials were the only sector to advance ahead of the third-quarter GDP report.
Philippine shares finished the week lower, with the Philippine Stock Exchange index losing 16.19 points, or 0.28 per cent, to 5,761.95 as investors took profits after two sessions of gains.
The All Shares index dropped 11.16 points, or 0.35 per cent, to 3,218.31. Turnover reached ₱6.36 billion, compared with ₱6.17 billion on Thursday.
Regina Capital’s Luis Limlingan attributed the retreat to weaker global markets, saying external signals encouraged investors to realise gains. He added that macroeconomic uncertainty kept participants cautious as they waited for new reasons to extend the recovery.
Philstocks Financial also pointed to Wall Street weakness and caution before the third-quarter gross domestic product figures, scheduled for Nov. 9. The firm said investors expected economic growth to have remained weak.
Financials rose 1.24 per cent, the only sector to finish higher. Services led sector losses with a 1.39 per cent decline. Across the market, 96 issues fell, 69 advanced and 70 were unchanged.
ICTSI led trading activity but declined 1.57 per cent to ₱817 per share. The next most actively traded stocks, BDO Unibank and Ayala Corp., rose 1.71 per cent to ₱125 and 2.49 per cent to ₱555, respectively.
