Philippine shares corrected lower Friday but managed to stay above the 6,600 level on profit-taking after the index rallied for seven straight trading days.
The Philippine Stock Exchange index ended the week at 6,611.24, down 14.22 points or 0.22 percent while the broader all-shares index closed at 3,641.24, lower by 12.47 points or 0.3 percent.
“The local market snapped its seven-day gaining streak as investors took profits,” Philstocks Financial Inc. research head Japhet Tantiangco said.
“Uncertainties over the situation between the US and Iran also weighed on sentiment. This comes as the two failed to reach a deal in their recent talks,” he said.
Despite the market’s decline, analysts said overall sentiment remained positive and that the decline was seen as a healthy correction.
Among the sectors, only holding firms managed to end in green, up 0.87 percent. The rest declined with the property sector falling the most, lower by 1.52 percent.
