Philippine stocks ended the week in the red

Local equities wrapped up the week in the red following a Wall Street sell-off as the better-than-expected jobs data increased fears of more interest rate hikes by the US Federal Reserve.

The Philippine Stock Exchange index dipped 95.23 points, or 1.47 percent, to close at 6,379.03 Friday, while the broader all-shares index slipped 33.65 points, or 0.97 percent, to settle at 3.422.28.

“The US market was dragged following the better-than-expected jobs data, as it increased investors’ concerns over the direction of the interest rates,” said Luis Limlingan, head of sales from Regina Capital Development Corp.    

All sub-indices ended in the red, while value turnover remained thin at P2.88 billion.