The stock market slipped Friday on profit-taking after chalking up big gains in the previous two sessions.
The Philippine Stock Exchange Index fell 37.56 points, or 0.5 percent, to 7,766.47 on a value turnover of P7.2 billion. Losers beat gainers, 122 to 76, with 54 issues unchanged.
IRC Properties Inc., which plans to build a $3.7-billion subway in Makati City, slumped 6.8 percent to P1.65, while Megaworld Corp., the biggest lessor of office spaces, lost 5.3 percent to P4.68.
Conglomerate San Miguel Corp. advanced 7.4 percent to P171.80, while unit San Miguel Food and Beverage Inc. rose 4.2 percent to P96. San Miguel Food plans to raise P142.8 billion from the sale of up to 1.02 billion in secondary shares before the end of the year.
The rest of Asian markets were mixed on Friday as China-US trade talks wrapped up with little progress being made, while the dollar held up ahead of a key speech by the head of the Federal Reserve.
The Australian dollar pared losses and stocks inched up after the governing Liberal Party elected a new business-friendly prime minister, ending a period of political uncertainty.
Officials from Beijing and Washington finished a two-day meeting that saw what the Chinese side described as “constructive and frank” discussions on trade.
The low-level negotiations were the first since the world’s top economies began exchanging tit-for-tat tariffs in July and came as they imposed fresh measures on billions of dollars more in goods.
“The two sides will keep contact regarding future plans,” China’s Commerce Ministry said in a brief statement, while the White House said the talks concluded after officials “exchanged views on how to achieve fairness, balance and reciprocity in the economic relationship.”
By the end of the day Tokyo was up 0.9 percent as a weaker yen helped exporters, while Shanghai added 0.2 percent.
Seoul gained 0.5 percent and Wellington added 0.2 percent. But Hong Kong lost 0.4 percent in the afternoon and Singapore slipped 0.8 percent with Taipei and Jakarta also down.
Sydney’s under-pressure S&P/ASX 200 fluctuated through the day and ended up 0.1 percent after the Liberals elected Scott Morrison as prime minister.
The former treasurer took the reins after beating hardliner and populist Peter Dutton, who had moved to replace Malcolm Turnbull in a shock revolt earlier this week sending Australian markets spinning.
The Australian dollar fell about 0.8 percent in the morning but clawed back in the afternoon to sit 0.2 percent lower.
Elsewhere on currency markets the US dollar fluctuated but was holding gains ahead of the annual Jackson Hole symposium of central bankers, where Fed boss Jerome Powell is due to speak later Friday.
While his remarks will be pored over for clues about the bank’s policy plans, they will attract more interest after Donald Trump’s criticism this week of its recent interest rate hikes and accusations it is not backing his economic agenda. With AFP
