Stocks fell for the eighth straight day, dragging the benchmark index to a five-week low, as falling commodities’ prices stoked fears over the global outlook.
The Philippine Stock Exchange index, the 30-company benchmark, shed 12 points, or 0.2 percent, to close at 6,897.77 Friday. The gauge was also down 4.6 percent since the start of the year.
The heavier index, representing all shares, lost 28 points, or 0.7 percent, to settle at 3,978.30, on a value turnover of P7.4 billion. Losers outnumbered gainers, 118 to 52, while 46 issues were unchanged.
Seven of the 20 most active stocks ended in the green, with Ayala Corp. climbing 4.1 percent to P759. Developer Double Dragon Properties Inc. advanced 2.5 percent to P22.75, while Robinsons Land Corp. gained 1.7 percent to P30.50.
BDO Unibank Inc., the largest lender, rose 1.5 percent to P101.50. Infrastructure conglomerate Metro Pacific Investments Corp. gained 1.1 percent to P5.31. Universal Robina Corp. added 0.6 percent to close at P202.40, while GT Capital Holdings Inc., the investment company of tycoon George Ty, rose 0.2 percent to P1,326.
Meanwhile, Asian markets tracked hefty losses in Europe and New York. European and US shares ended deep in the red Thursday, with weak earnings reports compounding a slide in the price of oil and other commodities that suggest the world economy is struggling.
The black gold tumbled Thursday after the US Department of Energy said commercial inventories last week surged more than expected, indicating weak demand. That came after a separate report by the American Petroleum Institute Tuesday showed inventories jumped by six million barrels.
Prices have halved since peaking above $100 in June last year, hit by tepid demand in a weak global economy, and a supply glut in the face of near-record output levels.
In Asian trade US benchmark West Texas Intermediate was down 22 cents and Brent was two cents higher. On Thursday WTI ended $1.18 a barrel down and Brent sank $1.75.
Adding to the pain is a growth slowdown in China, the world’s biggest energy user, which has also impacted on other commodities such as copper and iron ore.
Among Asian energy firms, Sydney-listed miner BHP Billiton and Rio Tinto gave up almost two percent while Origin was seven percent lower.
And in Hong Kong struggling mining giant Glencore tumbled seven percent in the afternoon, following a 7.6 percent slump in its London-listed shares. Sinopec’s Shanghai-listed stock lost 2.1 percent while Inpex in Tokyo shed 1.8 percent. With Bloomberg, AFP