The stock market closed virtually flat Friday on minor profit-taking, after gaining for five straight sessions.
The Philippine Stock Exchange Index lost 4.16 points, or 0.05 percent, to 7,867.49 on a value turnover of P8.09 billion. Gainers, however, beat losers, 100 to 94, while 48 issues were unchanged.
Pilipinas Shell Petroleum Corp., the smaller of the country’s two refineries, fell 4.1 percent to P64.20, while Jollibee Foods Corp., the biggest fastfood chain, declined 2.7 percent to P201.40.
Megaworld Corp., the largest lessor of office spaces, rallied 3.1 percent to P4.62, while PLDT Inc., the biggest telecommunications firm, added 1.5 percent to P1,744.
Asian stock markets were broadly weaker, despite another record close for the S&P 500 and Nasdaq on Wall Street that come on the back of upbeat US retail data.
Tokyo’s Nikkei ended 0.6 percent down, while Hong Kong slipped 0.1 percent in the afternoon and Sydney finished 0.7 percent off. Singapore eased 0.2 percent while Taipei was also lower.
However, Shanghai edged up 0.1 percent and Seoul added 0.5 percent.
In early European trade London was flat, but Paris and Frankfurt each dipped 0.1 percent.
Energy firms in Asia took a hit on Friday after crude prices plunged almost five percent the previous day as traders were left disappointed by Opec’s latest output cuts.
Keenly awaited talks between the bloc and Russia ended Thursday with news that a deal to reduce output for six months until the end of June would be increased by another nine months in a bid to address an ongoing supply glut and support prices.
However, there had been hopes that the flagged extension would be 12 months or that the cuts would be deeper, fueling a rally in crude prices.
The final decision sent both main oil contracts plunging Thursday, which in turn dragged energy firms lower.
David Lennox, resource analyst at Sydney-based Fat Prophets, told AFP: “The market obviously for some reason closer to the Opec meeting started to factor in that there would be a cut in production, that Opec would announce a cut in their ceiling of 32.5 million barrels.
“I am not sure how that came about, because with Opec the rhetoric was just whether or not to extend the time period.”
While oil prices edged up slightly in Asian trade, energy plays took a hit. CNOOC fell 1.4 percent and PetroChina lost 1.5 percent in Hong Kong while Sydney-listed Woodside Petroleum sank 2.7 percent and Rio Tinto was off 1.8 percent. Inpex dived two percent in Tokyo.
“It’s the old market axiom—buy the rumor and sell the fact—that worked again for oil,” said Greg McKenna, chief market strategist at AxiTrader, said in a note.
Commodities-linked currencies were also lower, with the Australian dollar—already under pressure owing to fears over China’s slowing economy—diving 0.4 percent against the greenback and the Canadian dollar down 0.4 percent.