Stocks fell for a second day, as investors shrugged off a strong first-quarter economic growth and reacted more strongly to a possible US interest rate hike in June.
The Philippine Stock Exchange index, the 30-company benchmark, lost 128 points, or 1.7 percent, to close at 7,299.03 Friday. Despite the loss, the bellwether was still up 5 percent since the start of the year.
The heavier index, representing all shares, also dropped 37 points, or 0.9 percent, to settle at 4,385.98, on a value turnover of P7.2 billion. Losers outnumbered gainers, 140 to 56, while 42 issues were unchanged.
Only three of the 20 most active stocks ended in the green led by Aboitiz Equity Ventures Inc., which gained 1.3 percent to P72. Jollibee Foods Corp. rose 0.6 percent to P235, while Security Bank Corp. added 0.5 percent to close at P192.60.
Meanwhile, most Asian stocks traded higher Friday, as oil prices rebounded and investors shrugged off a weak lead from New York and Europe that coincided with more talk of a US interest rate hike as soon as June.
Markets were also eyeing a meeting between finance ministers and central bankers from the Group of Seven countries for fresh trading cues, with the group expected to hammer out their strategy for keeping a global recession at bay.
Sentiment in Europe and the US was slightly unsettled Thursday following the unexplained crash of an EgyptAir plane in the Mediterranean with 66 people aboard, but the unease appeared not to extend to Asia.
Tokyo edged up nearly 0.2 percent, Sydney increased 0.6 percent and Hong Kong rose 1.1 percent. Shanghai was also almost 0.2 percent up.
Energy and commodity firms were among those lifted, as world oil prices advanced in Asian trade, with Brent crude back above $49 a barrel.
US benchmark West Texas Intermediate gained 1.23 percent at $48.75 and Brent crude was trading 0.94 percent, higher at $49.27.
In Hong Kong, China Shenhua Energy gained 3.3 percent and PetroChina increased 0.8 percent.
Sydney-listed mining giants BHP Billiton and Rio Tinto gained 1.7 percent and 2.1 percent respectively, while Woodside Petroleum got a 1.9 percent boost.