Share prices are expected to continue their volatile movement, with investor quick to take profits after a rally.
Analysts said the market’s inability to sustain the rally above the 7,800-point levels signified that trading would remain sideways over the near-term period, in step with global stocks.
2TradeAsia.com said the latest jump in the US 10-year treasury yields to over 3 percent could trigger an increase in the outflow of foreign money in the equities market.
Concerns about the rising oil prices, weakening peso against the dollar and the declining overseas remittances could also affect the market over the near-term period.
“Fundamental plays are intact, even as the selldown from some foreign funds left key large-cap bruised. While pessimists may see more challenges ahead, buy opportunities are mined by the trained eye, especially with the general market’s shortsightedness,” 2TradeAsia.com said.
The Philippine Stock Exchange Index last week closed at 7,672.28, down 1.03 percent week-on-week, while the All Shares Index ended at 4,664.94, also lower 0.9 percent from the previous week’s close on heavy foreign selling.
Except for the property index which rose 2.98 percent, all other sub-indices ended on the negative, led by holding firms (-3.28 percent), industrial (-2.12 percent), mining and oil (-1.5 percent) and financials (-0.62 percent).
Foreign investors were net sellers during the week by P2.2 billion, while the average daily value traded stood at P6.6 billion.
Weekly top price gainers were Philippine Racing Club Inc., which rose 47.9 percent to P11.98; Megaworld Corp., which gained 4.8. percent to P4.53; and SM Prime Holdings Inc., which advanced 4.6 percent to P37.30.
Weekly top price losers, meanwhile, were Melco Resorts and Entertainment (Philippines) Corp., which slumped14.3 percent to P5.52; Lopez Holdings Inc., which dropped 9.4 percent to P4.30; and Metro Pacific Investments Corp., which tumbled 9.4 percent to P4.90.
Global stocks, meanwhile, finished mostly down on Friday as fraught US trade talks showed no outward signs of success.
Wall Street had a lackluster day, with little to spur investors onward amid a steady drumbeat of worrisome news on trade and geopolitical worries.
The Dow finished flat while the broader S&P 500 and tech-heavy Nasdaq sagged, losing 0.3 percent and 0.4 percent respectively.
Tom Cahill of Ventura Wealth Management told AFP that with earnings season past and no fresh economic data to spur enthusiasm, equities had no reason to keep forging higher.
“Right now the market is looking for a catalyst,” he said. “It does not have one.”
The White House announced Friday that trade talks with a visiting Chinese delegation had gone well but there was “no deal yet.”
The news was likely welcome after President Donald Trump cast doubt on the talks as they began Thursday but came as US markets were already closing for the week.
Elsewhere in Europe, the main stock markets took a pause after record runs. London, Frankfurt and Paris all ended lower. With AFP