Philippine shares ended the week in the red as investors raised concerns that the recent rate cut signals weakness in the domestic economy.
The weakening of the peso against the dollar also weighed on investor sentiment.
The peso closed at 58.24 to the U.S. dollar on Friday from 58.235.
The 30-company Philippine Stock Exchange index shed 19.61 points on Friday, down 0.32 percent to 6,037.79, while the broader all-shares index slipped by 8.57 points, or 0.23 percent, to 3,658.44.
“The local market declined as investors worry over the effect of the Philippines’ corruption issues on its economic prospects,” said Japhet Tantiangco, research head at Philstocks Financial Inc.
“This comes following the BSP rate cut, citing the weakened local economic growth outlook with the corruption issues as the main culprit,” he added.
Among the sectors, only the industrial closed with gains, up 0.26 percent. Mining and oil was down 2.9 percent.
Value turnover was tepid at P5.62 billion. Advancers edged decliners 97 to 79.
Foreign investors were net sellers with outflows at P1.01 billion.
Manila Electric Co. was the main index gainer, rising by 1.92 percent to P558, while AREIT Inc. was the main index laggard, declining by 5.42 percent to P42.75.
