Philippine stocks closed in the red Friday on last-minute profit-taking but stayed above the 7,000 level.
The bellwether Philippine Stock Exchange index ended the trading week at 7,022.85, down by 1.82 points, or 0.03 percent, from Thursday, while the broader all-shares index lost 3 points, or 0.08 percent, to settle at 3,788.63.
“Investors booked gains from the market’s rise yesterday. On a positive note, the market was able to hold its position above the 7,000 level,” Philstocks Financial Inc. research head Japhet Tantiangco said.
Despite the market’s slight decline, analysts said overall investor sentiment remained positive ahead of the US Federal Reserve’s policy meeting next week.
Investors expect the Fed to slash interest rates by 25 basis points. Value turnover was weak at P4.94 billion, below the year-to-date average of P5.03 billion.
Foreign investors remained net buyers, with net inflows reaching P188.92 million. Sectors ended mixed. Holding firms rose 1.19 percent, while mining and oil climbed 0.61 percent. Services dropped 1.42 percent, while property and financial declined by 0.37 percent and 0.25 percent, respectively.
Decliners edged advancers, 96 to 88.
Monde Nissin Corp. was top index gainer, advancing by 2.21 percent to P9.72, while grocery chain Puregold Price Club Inc. was the main index laggard, declining by 2.85 percent to P29.
