Stocks fell for a sixth day, following overnight losses on Wall Street and as investors stayed on the sidelines amid uncertainty over the outcome of the Philippine presidential elections on May 9.
The Philippine Stock Exchange index, the 30-company benchmark, shed 3 points to close at 7,159.29 Friday. Despite the loss, the bellwether was still up 3 percent since the start of the year.
The heavier index, representing all shares, also dropped 1 point to settle at 4,245.89, on a value turnover of P6 billion. Losers outnumbered gainers, 114 to 61, while 55 issues were unchanged.
Seven of the 20 most active stocks ended in the green, led by property developer Ayala Land Inc., which rose 1.2 percent to P34.65, and Aboitiz Power Corp., which gained 1.1 percent to P44.90. Security Bank Corp. added 1 percent to close at P170.
Meanwhile, Asian stocks mostly fell Friday following losses in New York while concerns about the global outlook were reinforced after data showed the US economy grew at its slowest pace for two years in the first quarter.
Investors were still coming to terms with the Bank of Japan’s decision not to boost its stimulus, with the yen at 18-month highs against the dollar, while analysts warned central banks’ weapons were becoming less effective.
Hong Kong was 1.3 percent lower in the afternoon while Seoul closed 0.3 percent down. Shanghai ended off 0.3 percent, although Sydney rose 0.5 percent.
Taipei slipped 1.1 percent after figures showed the island’s economy shrank in the first three months, prolonging a recession that started last year, as its key export sector dived.
The US Commerce Department said Thursday that the world’s number one economy grew 0.5 percent in January-March, almost half the pace expected, and the worst reading since 2014 as consumer spending sputtered. With Bloomberg, AFP